Newmont Mining’s revenue hits $2.5b in first quarter 2011

Newmont Mining Corporation has announced that its revenue for the first quarter of 2011 rose to $2.5 billion.

The US mining giant based in Denver said the revenue increment was by 10% as compared to what it recorded in 2010.

“Revenue rose to $2.5 billion, up 10% from a year ago”, the company said in a press release published on its website on April 21, 2011.

Newmont also recorded high operating cash flow from $728 million in the first quarter of 2010 to $989 million for the first quarter of 2011which the company indicates was an increase of 36%.

“Newmont Mining Corporation today announced record operating cash flow of $989 million for the first quarter of 2011, compared to $728 million in the first quarter of 2010, an increase of 36%”, the release said.

It adds that net income for the quarter was $513 million ($1.04 per share), compared to $408 million ($0.83 per share) in the first quarter of 2010.

The company says it is still maintaining its 2011 attributable capital expenditure outlook of $2.1 to $2.5 billion, or $2.7 to $3.0 billion on a consolidated basis.

It also adds that the Akyem and Ahafo mines will receive between $175 – $200 million and $300 – $375 million of investment respectively.

Meanwhile the company has declared a regular quarterly dividend of $0.20 per share of common stock, an increase of 33% over the $0.15 dividend paid in the first quarter 2011, and an increase of 100% over the second quarter 2010 dividend.

The dividend will be payable on June 29, 2011.

By Ekow Quandzie