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Friday, Oct 11
Newmont Mining lower as impressive gold output offset by copper
- Shares of Newmont Mining (NEM -2.4%) are lower as gold prices plunge, but the damage isn’t as bad as other big gold miners, as news about NEM's strong Q3 gold production may have offset somewhat the disappointment about its copper output.
- J.P. Morgan analysts are impressed with the gold numbers, leading them to expect a strong Q4 with increased production from the Nevada mine and more ounces from the new Akyem mine.
- In cutting its full-year copper production forecast, NEM blamed lower than expected throughput at its Boddington mine in Australia and lower than expected ore grade processed at its Batu Hijua operation in Indonesia.