One of the world's largest gold miners, Newmont Mining has been battered by the sell-off in the gold market.
Gold prices have tumbled nearly 30% this year. The metal was recently trading at around $1,230 an ounce, down from all-time highs above $1,900 in 2011.
Investors have fled the gold market as they seek higher returns in more risky assets, such as stocks. That's been bad news for Newmont (NEM), which produced 1.3 million ounces of gold in the first nine months of 2013.
Newmont reported a $2 billion loss in the second quarter, citing a $1.8 billion writedown due to falling gold and copper prices. Earnings bounced back in the second quarter, but profits for 2013 are expected to fall nearly 50% from a year ago. --B.R.
