Newmont sees normal mining in Indonesia for at least two months

Newmont Mining (NEM) expects normal mining operations to continue at its Batu Hijua copper-gold mine in Indonesia for at least the next two months, while it tries to resolve an impasse with the government over copper concentrate exports, CEO Gary Goldberg says.

NEM also has no plans to issue equity to pay down debt, has nothing pending on the M&A front, and has more non-core assets to sell, according to Goldberg.

Batu Hijua is expected to be NEM's top cash flow generator in 2015-16 as the miner accesses the high grade core of the deposit.

Indonesia fears prompted J.P. Morgan to downgrade shares to Neutral with a $26 price target, down from $28.

NEM +2.2% premarket.

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  • brazil2010
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    Comments (45) | Send Message
    I am long on this p/s co as of about 3m ago and continue adding on weakness I am aware it is a falling knife. But how far can it go from here.?
    5 Feb 2014, 03:54 PM Reply Like
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