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.

Net earnings hiked to $558 Million, or $1.13 per share, from last year's figure of $4 Million, or 1 cent per share, as has been revealed through official numbers shared by the Greenwood Village, Colorado-based company.

Sales rose by a whopping 90% to $2.52 Billion. Profits after excluding items was recorded as $1.14 a share.

Analysts, on an average, had expected a profit of 86 cents.

Newmont expects 2010 to be even better, with prices and demand for gold expected to rise more, and the company undertaking new projects.

"With the completion of construction of Boddington late last year, we now turn our attention to the development of our next generation of projects, including Akyem in Ghana, Conga in Peru, Hope Bay in Canada and our portfolio of growth projects in Nevada", said Chief Executive Officer Richard O'Brien.