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Newmont Mining Corporation (Holding Company) (NEM)

  • Tue, Sep. 22, 6:15 PM
    • Indonesian government officials say Newmont Mining's (NYSE:NEM) copper export permit, which expired today, will not be renewed since the miner has failed to meet government stipulations for developing a domestic smelter.
    • NEM CEO Gary Goldberg says the company is in talks with the government and has filed an application with the requested information; the CEO says he expected it would take "a couple of weeks" to sort out, but in the meantime operations are continuing at full capacity.
    • Separately, Goldberg says NEM is not interested in buying the U.S. assets Barrick Gold (NYSE:ABX) has put up for sale, but would consider ABX's 50% stake in the Kalgoorlie mine in Australia at the right price.
    • Earlier today, Goldcorp CEO Chuck Jeannes also said his company was not looking at ABX's U.S. assets.
    | Tue, Sep. 22, 6:15 PM | 7 Comments
  • Mon, Sep. 21, 8:26 AM
    • Barrick Gold (NYSE:ABX) has seen strong interest in a package of U.S. gold assets it is trying to sell, President Kelvin Dushnisky says, expecting a deal to close before year-end.
    • Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC) are considered likely buyers of the assets, Reuters reports.
    • ABX said last month it wanted to sell six of its U.S. gold mines and projects: Bald Mountain, Round Mountain, Spring Valley, Ruby Hill, Hilltop and Golden Sunlight.
    • If done before year-end, the sales would enable ABX to exceed its $3B debt reduction target following other asset disposals and financings, including a recent streaming deal on its Pueblo Viejo mine in the Dominican Republic.
    • Dushnisky says he is not concerned about the possibility of ABX slipping into junk status; ABX is rated at the lowest investment grade by S&P and Moody’s, although both have stable outlooks.
    | Mon, Sep. 21, 8:26 AM | 3 Comments
  • Fri, Sep. 18, 9:10 AM
    • Newmont Mining's (NYSE:NEM) Indonesian copper export permit will not be renewed past today unless the company submits a progress update to the government on its plans to develop a domestic smelter, a mine ministry official says.
    • NEM reached an agreement with the government a year ago to develop local mineral processing facilities to end an eight-month tax dispute that halted exports, but copper mines have been cutting production recently in response to prices mired at six-year lows.
    • NEM, which experienced similar problems obtaining a new six-month permit from the government in March, has said multiple studies show its Batu Hijau mine cannot sustain a smelter on its own.
    | Fri, Sep. 18, 9:10 AM | Comment!
  • Wed, Sep. 16, 3:45 PM
    • Newmont Mining's (NEM +5.8%) stock price target is lowered to $22 from $24 by RBC analysts on the back of downward revisions to base metal price assumptions, including a ~15% reduction to the firm's 2015-19 average copper price assumptions.
    • NEM has significant leverage to copper prices through its Batu Hijau, Boddington and Phoenix mines, prompting the firm to reduce its EPS and cash flow/share estimates.
    • But for today at least, shares of gold miners are surging, following gold prices higher as optimism grows that the Fed will not raise rates tomorrow: ABX +7%, KGC +9.2%, GG +5.3%, AEM +6.9%, GFI +3%, SBGL +2.4%, FNV +4.7%, NGD +7.1%, AUY +9.1%, IAG +7.6%, BTG +4.1%, EGO +9.7%, SLW +7.1%.
    | Wed, Sep. 16, 3:45 PM | 3 Comments
  • Wed, Sep. 2, 5:48 PM
    • Lower copper prices could mean trouble for some gold miners, including Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), New Gold (NYSEMKT:NGD) and Buenaventura (NYSE:BVN), J.P. Morgan analysts warn.
    • Gold has been under pressure but nevertheless shows relative strength, the firm says, while "perversely, copper had its own semi-investment demand when it was used for collateral lending, but if this category of demand falls away, prices could be weaker."
    • JPM likes Goldcorp (NYSE:GG) and Agnico Eagle Mines (NYSE:AEM) for their production pipeline, but it cuts targets for ABX, NEM and BVN by a respective 14%, 15% and 20% due in part to their exposure to copper by-product credits.
    | Wed, Sep. 2, 5:48 PM | 9 Comments
  • Thu, Aug. 20, 2:29 PM
    • Alongside interest rate sensitive names, the gold miners are well-bid as the major averages tumble.
    • The yellow metal itself is higher by 2.15% to $1,152 per ounce.
    • Gold Fields (GFI +15.1%), AngloGold Ashanti (AU +11.2%), Sibanye Gold (SBGL +11.3%), Alamos Gold (AGI +9.7%), IAMGOLD (IAG +6.1%), Randgold (GOLD +5.6%), Barrick (ABX +4.9%), Newmont (NEM +3.7%), Kincross (KGC +2.6%), Goldcorp (GG +3.2%).
    | Thu, Aug. 20, 2:29 PM | 20 Comments
  • Wed, Aug. 12, 3:46 PM
    • China's moves to devalue the yuan and the potential for further devaluation have favorably shifted the risk/reward for stocks of precious metal miners, Deutsche Bank says as it upgrades Newmont Mining (NEM +6.1%) and Barrick Gold (ABX +5.2%) to Buy from Hold, citing improving balance sheets and share pullbacks the firm views as overdone compared to the move in gold prices.
    • The firm notes 82% of ABX's and NEM's estimated 2016 revenues come from gold; Kinross Gold (KGC +2.8%) and Goldcorp (GG +4.9%) derive a respective 97% and 73% of their expected 2016 revenues from gold.
    • Among silver miners, Deutsche Bank upgrades Pan American Silver (PAAS +6.1%) and Hecla Mining (HL +7.6%) to Buy from Hold, citing their cost exposures outside the U.S. and their respective 26% and 38% gold exposure.
    | Wed, Aug. 12, 3:46 PM | 11 Comments
  • Wed, Aug. 12, 11:29 AM
    • China’s currency devaluation is welcome news for gold stocks such as Newmont Mining (NEM +5.2%), Agnico Eagle Mines (AEM +8.1%), Coeur Mining (CDE +13.9%) and Gold Resource (GORO +2.5%), Sterne Agee CRT analysts say.
    • China's move should help gold and silver prices through risk-off investor diversification and heightened investment attention, especially from Chinese investors looking to protect purchasing power, and fragile global economic growth prospects highlighted by China’s struggles could delay any meaningful U.S. rate increases, the firm says.
    • With investor sentiment still skeptical, the supportive macro news flow could provide fuel for a rally in gold mining equities, the firm says, preferring Buy-rated NEM, AEM, CDE and GORO; Barrick Gold (ABX +3.9%) is rated Neutral.
    | Wed, Aug. 12, 11:29 AM | 5 Comments
  • Mon, Jul. 27, 10:45 AM
    • Newmont Mining (NEM +0.8%) agrees to sell its 60% stake in the Valcambi gold refinery in Switzerland to a subsidiary of Indian jewelry company Rajesh Exports Ltd. for $119M
    • NEM says the sale is part of its plan to get back to its basics after buying its equity interest in the refinery 11 years ago.
    • Rajesh, the world's largest gold jewelry maker, says Valcambi's technology will help raise the capacity of its Indian refinery to 200 metric tons/year next year from 80 metric tons currently.
    | Mon, Jul. 27, 10:45 AM | 2 Comments
  • Wed, Jul. 22, 6:26 PM
    • Newmont Mining (NYSE:NEM) -0.9% AH after reporting Q2 earnings in line with analyst expectations, as lower oil prices and favorable exchange rates offset the impact of weaker metal prices.
    • Citing these factors and portfolio changes such as the acquisition of the Cripple Creek & Victor mine, NEM raises its gold production forecast and lowers its cost outlook.
    • NEM now expects attributable gold production of 4.7M-5.1M oz. in 2015, up from a prior forecast of 4.55M-4.9M oz., and sees production rising to 5.2M-5.5M oz. in 2017; consolidated all-in sustaining costs are now seen at $920-$980/oz. in 2015, down from an earlier forecast of $960-$1,020.
    • NEM projects full-year copper production of 140K-180K metric tons, up from 130K-160K metric tons, and affirms previous guidance for output to level out to 115K-135K metric tons in 2016 and 2017.
    • NEM's Q2 attributable gold production rose to 1.24M oz. of gold and 41K metric tons of copper, vs. 1.22M oz. of gold and 20K tons of copper in the year-ago quarter; all-in sustaining costs to produce an ounce of gold improved to $909/oz. from $1,063 a year ago.
    | Wed, Jul. 22, 6:26 PM | 7 Comments
  • Wed, Jul. 22, 4:21 PM
    • Newmont Mining (NYSE:NEM): Q2 EPS of $0.26 in-line.
    • Revenue of $1.9B (+8.0% Y/Y) misses by $70M.
    • Press Release
    | Wed, Jul. 22, 4:21 PM | 8 Comments
  • Wed, Jul. 22, 12:19 AM
    • Newmont Mining (NYSE:NEM) declares $0.025/share quarterly dividend, in line with previous.
    • Forward yield 0.53%
    • Payable Sept. 24; for shareholders of record Sept. 10; ex-div Sept. 8.
    | Wed, Jul. 22, 12:19 AM | 2 Comments
  • Tue, Jul. 21, 6:58 PM
    • Gold prices at five-year lows adds more pressure on an already stressed gold mining industry but mine closures are not expected to happen quickly as operators instead try to continue cutting costs, even as industry all-in costs already are expected to fall to an average of ~$1,335/oz. this year, down from nearly $1,700 in 2012.
    • Some significant mine closures could occur over time if gold stays near its current $1,100/oz. - as ~76% of producing gold mines are in the red at that price - but Goldcorp (NYSE:GG) CEO Chuck Jeannes says "I always warn people that [closures] are not going to happen as fast as you think they might because mine general managers are really good at keeping their mines alive."
    • With Newmont Mining (NYSE:NEM) kicking off earnings season for precious metals miners tomorrow, the current five-year compound return for mining equities is the lowest since the early 1980s; analysts are watching for potential dividend cuts at GG, Barrick Gold (NYSE:ABX), Centerra Gold (OTCPK:CAGDF) and Yamana Gold (NYSE:AUY).
    • Plenty of analysts are predicting further declines in gold's price; Goldman Sachs' Jeffrey Currie says the worst is yet to come, and that prices could fall below $1,000 for the first time since 2009.
    | Tue, Jul. 21, 6:58 PM | 40 Comments
  • Tue, Jul. 21, 5:35 PM
  • Mon, Jul. 20, 10:39 AM
    | Mon, Jul. 20, 10:39 AM | 128 Comments
  • Mon, Jul. 20, 9:14 AM
    | Mon, Jul. 20, 9:14 AM | 17 Comments
NEM vs. ETF Alternatives
Company Description
Newmont Mining Corp is engaged in the production of and exploration for gold and copper. It is also engaged in the production of copper, mainly through its Batu Hijau operation in Indonesia and Boddington operation in Australia.
Industry: Gold
Country: United States