THIS week brought the release of March quarter financial results for many of the world's largest gold producers. Despite an average spot gold price of 408 US dollars/oz during the period, a 16 percent increase on the corresponding quarter last year; a variety of factors conspired to reduce net profits for most The world's largest producer; US-based Newmont Mining Corp, said net income for the three months to March 31,2004 fell to 87 million US dollars, compared with 117 million US dollars in the year-ago period. However; the figure was distorted by a 47 million US dollars non-cash, after-tax accounting charge related to the consolidation of the Bata Hijau copper-gold mine in Indonesia (previously accounted on a equity basis).
展开▼
