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.

Earnings posted by Newmont for the July-September period for this year revealed earnings of $388 Million, which put the price of each share at 79 cents. The figures are double of the firm's last year's earnings of $191 Million, or 42 cents per share. Revenue reported also saw a whopping 50% rise as compared to last year and now stood at $2.05 Billion.

Analysts polled by Reuters had estimated that Newmont would post an earning of nearly 55 cents per share and revenue of $ 1.723 Billion. Actual figures have substantially surpassed the same.

During the quarter for which the company has made the report public, the price of gold rose from $907 per ounce to $1,009 per ounce. It hit an all time record high of $1,070 earlier this month.