Nov. 20, 2015, 8:10 AM
- Newmont Mining (NYSE:NEM) is set to resume exports from Indonesia following a nearly two-month hiatus after securing a recommendation for an extension of exports permit from the government.
- NEM's export permit, which expired in September, will be extended for another six months with a quota to export 430K metric tons of copper concentrate from its mine in eastern Indonesia.
- NEM also agrees to transfer $3M to its partner, Freeport McMoRan (NYSE:FCX), toward the development of new smelting facilities in the country.
Nov. 11, 2015, 2:58 PM
- Stock price targets for Barrick Gold (ABX +0.7%) and Newmont Mining (NEM +1.6%) are raised at Credit Suisse despite gold’s recent weakness.
- The firm maintains ABX at Neutral but with a $9 target, raised from $8, primarily on a higher near-term cash flow outlook driven by higher production and lower costs from the Veladero and Lumwana projects.
- Credit Suisse reiterates NEM with an Outperform rating but with a $25 price target, up from $22, based on higher near-term cash flow estimates and improved net asset values at CC&V, Merian and Subika underground; the firm likes NEM's operational consistency, a longer than average reserve life, stronger balance sheet, and attractive internal opportunities to add NAV.
Oct. 28, 2015, 5:41 PM
- Newmont Mining (NYSE:NEM) +2.4% AH after Q3 earnings and revenues beat analyst estimates, as higher production and lower costs helped offset a drop in gold prices.
- NEM says the average realized gold price fell to $1,104/oz. in Q3 from $1,270/oz. in the year-ago quarter, while copper averaged $1.95/lb. from $2.71 a year earlier; Q3 gold production gained 16% Y/Y to 1.34M oz., while copper production totaled 48K metric tons, up from 13K metric tons a year earlier.
- NEM’s Q3 all-in sustaining cost was $835/oz. of gold, better than the $995/oz. in the year-ago period, and it forecasts AISC of $880-$940 for the full year as well as capital spending of $1.42B-$1.63B.
- NEM says it remains on track to meet its full-year production outlook for gold at 4.55M-4.94M oz. and for copper at 130K-160K tons.
- Also, NEM announces plans to expand its Tanami operations in Australia by building a second decline at the mine and expanding plant capacity, which is expected to raise gold production by 80K oz. and cut Tanami's costs by 5%-10% in the first five years of production.
Oct. 28, 2015, 5:11 PM
- Newmont Mining (NYSE:NEM): Q3 EPS of $0.23 beats by $0.06.
- Revenue of $2B (+14.3% Y/Y) beats by $70M.
- Shares +1.9% AH.
Oct. 28, 2015, 5:22 AM
- Newmont Mining (NYSE:NEM) declares $0.025/share quarterly dividend, in line with previous.
- Forward yield 0.53%
- Payable Dec. 28; for shareholders of record Dec. 11; ex-div Dec. 9.
Oct. 27, 2015, 5:35 PM
- ABX, ACGL, AEM, AF, AFFX, AFOP, AMGN, ANIK, AR, ARII, ARRS, ASGN, ATML, BANC, BLKB, BWLD, CACI, CAVM, CBL, CGI, CHDN, CLI, CMO, CMPR, CNL, CNO, CNW, CRUS, CSGP, CW, CWT, DRE, DYAX, ECHO, ELLI, EPR, EQIX, EQY, ESIO, ESRT, ESV, EXR, FFIV, FMC, FORM, FORR, FR, GPRO, HBI, HLS, HOS, HT, HUBG, HY, INT, INVN, ISIL, KEX, KRA, KS, LNC, LOCK, LOPE, MAA, MANT, MAR, MC, MEOH, MMLP, MTGE, MTW, MUR, NE, NEM, NGD, NSIT, NTRI, NVDQ, NXPI, O, OCN, OGS, OII, ORLY, OTEX, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QGEN, QUIK, REG, ROG, ROVI, RRC, SCI, SGI, SGMO, SIMO, SPN, SPRT, SPWR, SSS, STAA, SU, TAL, THG, THRX, TILE, TLLP, TSO, TTMI, UNM, VAR, VECO, VRTX, WDC, WES, WGP, WLL, WMB, WSTL, WTS, YELP
Oct. 14, 2015, 2:26 PM
- Gold settles at three-and-a-half month highs, rallying $14.50 (+1.2%) to $1180/oz., as soft U.S. economic data and concerns over deflationary pressures in China add to expectations the Fed will delay any interest rate increases.
- Gold is gaining more ground in electronic trading after the Fed Beige Book release.
- The yellow metal's eighth gain in nine sessions has sent the SPDR Gold Trust ETF (GLD +1.5%) past its 200-day moving average, and gold miners have ripped higher, as evidenced by this month's 18% gain in the Market Vectors Gold Miners ETF (GDX +5.6%).
- Top mining stocks including Barrick Gold (ABX +7.9%), Goldcorp (GG +8.5%), Kinross Gold (KGC +8.3%), Gold Fields (GFI +5.4%), Newmont Mining (NEM +5.4%), Agnico Eagle Mines (AEM +5.7%), Silver Wheaton (SLW +6.8%), Yamana Gold (AUY +6.7%), Franco Nevada (FNV +5%), Randgold (GOLD +4.8%) and AngloGold (AU +5.6%) are all sharply higher.
- Other ETFs: NUGT, AGQ, GGN, DUST, SIL, USLV, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, SLVP, DGL, DBS, DGZ, RING, DGLD, PSAU, USV, TGLDX, GEUR, UBG, GYEN
Sep. 22, 2015, 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.
Sep. 21, 2015, 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.
Sep. 18, 2015, 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.
Sep. 16, 2015, 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%.
Sep. 2, 2015, 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.
Aug. 20, 2015, 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%).
Aug. 12, 2015, 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.
Aug. 12, 2015, 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.
Jul. 27, 2015, 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.
Newmont Mining Corp. is a gold producer, which is engaged in the acquisition, exploration and production of gold and copper properties in U.S., Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. The company's operating segments include North America, South America, Asia Pacific... More
Sector: Basic Materials
Country: United States
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