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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.
Comments (3)
  • wapiti
    , contributor
    Comments (698) | Send Message
     
    5 year low for NEM. Prices same as when gold was $800/oz.. WTF?
    11 Oct 2013, 03:57 PM Reply Like
  • Agbug
    , contributor
    Comments (1085) | Send Message
     
    cash flow, cash flow, cash flow.
    Most miners are running scared, and for good reason. Newmont has recently done some RIFs to try and keep their head above water, but until prices improve it will be lean and mean in the metals space.
    11 Oct 2013, 10:03 PM Reply Like
  • enl3631
    , contributor
    Comments (9) | Send Message
     
    How can you believe a word that JPM says, especially out of the buy side of their mouths when everyone knows that they are manipulating prices of gold and silver all day everyday, that they control huge proportions of both the long & short sides of PM futures -- really, what makes gold futures suddenly worth $ 25/30 less in less than 10 seconds? Huh, Investors?

     

    Read Ed Steers. Do not go gently into that dark pit of losses. Dial 911.
    13 Oct 2013, 10:02 AM Reply Like
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