Newmont Mining Swings to 4th-Qtr Loss on $1.1 Billion Write-Down of Exploration Segment

DENVER (AP) – Newmont Mining says it swung to a fourth-quarter loss due to a large write-down.

The Denver-based mining company lost $289 million, or 63 cents per share, last quarter. That compares with a profit of $223 million, or 49 cents per share, a year earlier.

Revenue slid 1 percent to $1.41 billion from $1.42 billion.

Thomson Financial said analysts expected a profit of 37 cents per share, on average.

Results included a $1.1 billion non-cash impairment charge to write down the value of its exploration segment. That’s because Newmont Mining Corp. has not replaced enough of its reserves and accounting rules have changed.

However, Chief Executive Richard O’Brien said operating results “continue to improve.”

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AP Business Writer Lauren LaCapra in New York