Newmont stock drops on cut copper production view

Newmont stock drops after miner lowers copper production outlook

Associated Press

DENVER (AP) -- Shares of Newmont Mining Corp. slipped Friday after the gold and copper miner cut its copper production outlook for the year.

The Denver company said late on Thursday that it expects to product 135 to 145 million pounds of copper this year, down from an earlier view of 150 to 170 million pounds due to lower-than-expected production at one mine and a lower-than-expected ore quality from another.

Newmont did not change its view on gold production.

The company is scheduled to report its third-quarter results on Oct. 31.

Shares fell 68 cents, or 2.6 percent, to close at $25.62 Friday. Shares of several other big gold miners fell Friday amid a drop in gold prices.

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