First-Quarter Earnings For Miners Keep Same Tune – Mining Minutes – Kitco News

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Kitco’s Alex Letourneau shares first quarter results of Newmont Mining Corporation, Stillwater Mining Company, Yamana Gold and Goldcorp in this week’s edition of “Mining Minutes”. Low metal prices and high cash costs have spiraled earnings downwards for mining companies. Newmont, the largest U.S. gold-based miner, reports lower profits as well as gold and copper production. Similarly, Yamana Gold’s revenues fell by 4% despite increased production and gold sales in the first quarter. Although Stillwater Mining managed to lower its debt and maintain good financial results, there are mismanagement allegations against CEO Frank McAllister made by new board member Brian Schweitzer and Clinton Group. GoldCorp also reports a dip in revenues but remains optimistic with its announcement of 3 major projects expected in 2014-2015. Kitco News, May 3, 2013.

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