The largest producer of gold in the US, Newmont Mining Corp., posted a fourth-quarter profit that managed to beat the expectations pegged by analysts, after output surged and prices of the material managed to rise to hit a record high.

The joint venture of Fresnillo and Newmont, who are the largest producers of gold in the U. S., has put up an offer to buy the Canplats Resource Corp. for a whopper amount of about $240 million and they successfully ended up thumping the offer from Goldcorp Inc., which is based in Canada.

Newmont Mining Corp., the world's second ranked gold producer, has posted its third quarter report which has revealed profit figures which have doubled as compared to last year's profit. The actual profits, which have beat estimates by analysts by a huge margin, have been credited to rapidly rising gold prices and sales, by the company.