July 25 (Reuters) - Gold miner Newmont Mining Corp reported a much bigger-than-expected 60 percent jump in quarterly adjusted profit on Tuesday as production improved, more than offsetting losses from lower realized gold prices.
Gold production grew 13.3 percent to 1.4 million ounces in the second quarter ended June 30, the company said.
Newmont, the world's second-biggest gold producer by market value, said it sold gold at $1,250 per ounce on an average in the quarter, lower than $1,257 per ounce in the year-ago quarter.
The Colorado-based company has been expanding its operations since the start of the year as gold miners initiate new exploration projects after five years of lull marked by a drop in gold prices.
The company's all-in sustaining costs, a key cost benchmark, fell to $884 per ounce in the quarter from $913 per ounce in the same period last year.
Newmont's adjusted net income rose to $248 million, or 46 cents per share, from $155 million, or 30 cents a share, a year earlier.
Analysts on average were expecting a profit of 26 cents per share as per Thomson Reuters I/B/E/S.
Revenue rose to $1.88 billion from $1.67 billion a year earlier. (Reporting by Anirban Paul and Ahmed Farhatha in Bengaluru; Editing by Amrutha Gayathri)