(Adds details on results, compares with estimates)
Feb 22 (Reuters) - Gold miner Newmont Mining Corp reported a fourth-quarter profit on Thursday that beat analysts' estimates, on higher production and a rise in gold prices.
Gold production rose 1.4 percent to 1.34 million ounces, in the reported quarter, and the average price rose 6.5 percent to $1,270 per ounce.
The miner said its all-in sustaining costs to produce an ounce of gold a key industry benchmark rose 5.4 percent to $968.
Newmont raised its 2018 capital budget to between $1.20 billion and $1.30 billion, compared to its December forecast of $900 million to $1 billion.
Net loss attributable to shareholders widened to $527 million, or 98 cents per share, in the quarter ended Dec. 31, from a loss of $344 million, or 65 cents per share, a year earlier.
The miner had an income and mining tax charge of $776 million in the reported quarter.
Excluding items, the company earned 40 cents per share, beating analysts' estimate of 38 cents per share, according to Thomson Reuters I/B/E/S.
Sales rose about 8 percent to $1.94 billion, beating estimates of $1.91 billion. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta)