Newmont Mining swings to 2Q profit

DENVER (AP) - Newmont Mining says it earned $277 million in the second quarter as it sold more gold at higher prices. The leading global mining company says the profit is equal to 61 cents a share. That compares with a net loss of $2.06 billion, or $4.57 a share, in the second quarter of 2007 when Newmont incurred a series of charges. Revenue for the quarter is $1.52 billion, up from $1.28 billion in the year-ago quarter. Thomson Financial says analysts expected, on average, earnings of 47 cents a share on revenue of $1.5 billion. Gold sales totaled 1.27 million ounces at $900 an ounce. That compares with 1.25 million ounces a year ago at $667... [read full story]