08:54 AM EDT, 04/25/2024 (MT Newswires) -- Newmont ( NEM ) rose 4.3% in premarket New York trading after the world's No.1 gold producer on Thursday said first-quarter adjusted profit nearly doubled on higher production and prices for the metal.

The company said its adjusted profit, excluding one-time items, rose to US$630 million, or US$0.55 per share, in the period, up from US$320 million, or US$0.40, in the year-prior period. The result was well above the consensus analyst estimate for the measure of US$0.37 per share, according to Capital IQ.

Net income, including items, fell 51% to US$166 million from US$339 million.

Newmont's ( NEM ) gold production rose 32% to 1.68-million ounces from 1.27 million, while its average sales price rose 9.7% to US$2,090 per ounce from US$1,906.

The company said it expects to produce 6.93 million ounce of gold in 2024,with all-in sustaining costs of US$1,400 per ounce, down from its first-quarter costs of US$1,439 per ounce.

"Underpinned by the gold industry's leading portfolio of Tier 1 gold and copper operations, we remain well-positioned to achieve our full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio," Chief Executive Tom Palmer said in a release.

Newmont ( NEM ) also said Lundin Gold ( LUGDF ) will buy out Newmont's ( NEM ) stream credit facility agreement and offtake agreement for gold production from the Fruta del Norte mine in Ecuador for US$330 million, while it retains an equity interest in the company.

The company's shares were last seen up US$1.67 to US$40.27 in premarket trading. They closed up $1.29 to $52.87 Wednesday on the Toronto Stock Exchange.