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Newmont Mining's 1Q profit falls with production

DENVER (AP) -- Newmont Mining Corp. said Monday that its first-quarter earnings fell as gold and copper production sagged.

The company missed Wall Street expectations for profit and revenue, and its stock slipped 2 percent in after-hours trading.

Net income after paying preferred dividends was $315 million, or 63 cents per share, compared with $490 million, or 97 cents per share, a year earlier. The company said that excluding expenses for an asset sale and other items, it would have earned 71 cents per share in the most-recent quarter.

Revenue fell 19 percent to $2.18 billion from $2.68 billion a year ago.

Analysts expected adjusted earnings of 77 cents per share on revenue of $2.24 billion, according to a survey by FactSet.

Newmont's gold sales dropped 11 percent and copper sales fell 16 percent from a year ago. Production of both minerals also slumped while costs attributable to sales rose. Gold production fell at mines in Nevada, Peru, Indonesia and Africa, partly offset by gains at other facilities.

The company slightly lowered its capital expenditure outlook.

Before the quarterly report was released, Newmont shares rose 50 cents to close at $33.97. In after-hours trading, they were down 76 cents to $33.21.