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Northwest Exodus project extends mine life 10 years

An autonomous underground mucker operates at Newmont’s Northwest Exodus Mine in Nevada.

GREENWOOD VILLAGE, Colo. (AP) — Newmont Mining Corp. on Thursday reported first-quarter profit of $87 million.

On a per-share basis, the Greenwood Village, Colorado-based company said it had profit of 16 cents. Earnings, adjusted for one-time gains and costs, came to 33 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.

The gold and copper miner posted revenue of $1.8 billion in the period.

A merger with Goldcorp did not go into effect until this month, so the January-March results include those from Newmont only.

Newmont shares have dropped 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 17 percent. The stock has fallen 21 percent in the last 12 months.

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