Newmont Mining Corporation (Holding Company)NYSE
Fri, Dec. 2, 12:05 PM
- Overstuffed bears are taking some profits in gold and silver today as the strong November jobs report confirms what most already knew - the economy is cruising along and a rate cut is coming this month.
- Gold is higher by 0.6% and sliver by 1.5%.
- The precious metals miner ETFs: GDX +3.7%, SIL +4.1%
- Barrick Gold (ABX +5.3%), Newmont Mining (NEM +3.7%), Goldcorp (GG +2.4%), Silver Wheaton (SLW +2.9%), First Majestic (AG +10%), Continental Gold (OTCQX:CGOOF +7.9%), Detour Gold (OTCPK:DRGDF +11.1%), Northern Dynasty (NAK +16%)
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, JNUG, GLDX, JDST, SGDM, ASA, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS, MELT, SIL, SLVP, SILJ
Wed, Nov. 30, 6:47 PM
- Tumbling gold prices could cause shares of Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) to continue their downward slide, but Goldcorp (NYSE:GG) could enjoy gains, Morgan Stanley analyst Evan Kurtz says.
- While continuing to rate ABX and NEM as Equal Weight, Kurtz rates GG at Overweight as a good entry point in the stock, believing GG's management has set the operational bar at an achievable level.
- Kurtz prefers GG because the stock is pricing in gold below the strip, based on NAV; production guidance for 2016-18 appears conservative; and it is less likely to start work on a large greenfield project or be acquisitive in a big way due to its steady medium-term production and large resource base.
Mon, Nov. 28, 3:21 PM
- Barrick Gold (ABX +4.6%) is reviewing the financial backing behind a ~$1.3B bid for its 50% stake in Australia's Kalgoorlie mine by China's Minjar Gold, Reuters reports.
- It is unclear if Newmont Mining (NEM +4.7%) - ABX's Kalgoorlie joint venture partner and the mine's operator, and which has said it was interested in buying the remaining stake - is interested in matching Minjar's offer, but the price makes a counteroffer less likely, according to the report.
- ABX announced sale plans for Kalgoorlie in July and its president said in September that there was "robust" interest in the asset, which analysts had estimated was worth $600M-$1B.
Thu, Nov. 17, 6:47 PM
- Higher gold prices this year has prompted some of the world's largest bullion producers to increase dividends, but Randgold Resources (NASDAQ:GOLD) CEO Mark Bristow warns higher payouts may be too hasty in light of past mistakes.
- "The industry hasn't learned" from squandering the spoils from gold prices above $1,900/oz. in 2011 on dividends and acquisitions, rather than cutting costs and investing in existing mines, Bristow tells Reuters.
- Newmont Mining (NYSE:NEM) doubled its quarterly dividend last month and introduced a new payout policy with the potential to more than double dividends from Q1 2017, Newcrest Mining (OTCPK:NCMGF) reinstated its dividend this year for the first time since 2013, Agnico Eagle (NYSE:AEM) raised its quarterly dividend by 25% in July to the highest in three years, and Harmony Gold (NYSE:HMY) paid its first dividend in four years in August.
- Randgold, which prides itself on being a low-cost producer that is careful with its cash, itself is planning to raise its dividend at year-end.
Wed, Nov. 16, 9:19 AM
- Newmont Mining (NYSE:NEM) declares commercial production at its Long Canyon mine, which the company calls the most significant oxide ore discovery in Nevada in more than a decade.
- NEM expects the first phase of development to produce 100K-150K oz./year of gold over an eight-year mine life at estimated all-in sustaining costs of $500-$600/oz.
- NEM says Long Canyon is the fourth profitable new operation it has added to its stable of profitable mines in the last three years, including Merian, in Suriname, last month; Cripple Creek & Victor mine, in Colorado, last year; and Akyem, in Ghana, in late 2013.
Fri, Nov. 11, 1:48 PM
- Newmont Mining (NEM -7.8%) says it poured first gold from its Long Canyon mine in Nevada ahead of schedule and below budget, and expects to declare commercial production next week.
- NEM says Long Canyon was completed two months ahead of schedule for slightly less than $225M, ~$50M or 18% below budget.
- Long Canyon, which NEM calls the most significant oxide gold discovery in Nevada in more than a decade, is expected to produce 100K-150K oz. of gold annually over an eight-year mine life at some of the lowest costs in its portfolio.
Wed, Nov. 9, 10:51 AM
- Gold has pared early gains approaching 5%, now just +1% at $1,287.70/oz., with silver +1.5% at $18.64/oz., but precious metals mining stocks continue to enjoy strong gains.
- “The market is telling you that the mining sector is the biggest beneficiary of a Trump election, particularly precious metals,” says Investec Securities analyst Jeremy Wrathall.
- Among precious metals miners today: ABX +3.5%, NEM +4.3%, GG +5.6%, AEM +4.2%, SLW +3.4%, KGC +4.2%, RGLD +5.1%, EGO +3.8%, NG +5.8%, GOLD +5%, GFI +5.5%, AU +4.5%, HMY +5.9%, SBGL +7.1%, FNV +3.8%, AUY +5.3%, IAG +4.6%, BTG +6.3%, NGD +7.6%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, DUST, PSLV, SIL, PHYS, USLV, SIVR, SGOL, ZSL, GLDX, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, SGDM, GLDI, ASA, DSLV, OUNZ, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, GYEN, USV, GEUR, UBG, GDXX, GDXS
Thu, Nov. 3, 3:11 PM
- Newmont Mining (NEM +1.2%) is upgraded to Overweight from Neutral with a $43 price target, lifted from $41, at J.P. Morgan following Q3 results and the recently completed sale of its Batu Hijau mine in Indonesia.
- The firm feels NEM has lagged the sector at a time when investors should be taking another look at gold, given the increased interest in the metal in part on political uncertainty.
- JPM says NEM already enjoyed a stable production profile through the end of the decade, but with the injection of new liquidity from the Batu Hijau sale, the company is in strong position to invest in new projects and potentially offer investors some growth.
- The firm also expects NEM’s newfound financial strength will put it in the driver’s seat when it comes to future M&A that could present accretive deals.
Wed, Oct. 26, 6:48 PM
- Newmont Mining (NYSE:NEM) -1.8% AH after reporting lower than expected adjusted Q3 earnings, although profit more than doubled Y/Y as it benefited from higher prices and higher gold production.
- NEM says Q3 gold production rose 3.4% Y/Y to 1.25M oz., while the average realized gold price rose 20% to $1,329/oz.; all-in sustaining costs jumped to $925/oz. from $879, hurt by "inventory adjustments" at its Yanacocha mine in Peru and Ahafo mine in Ghana.
- NEM raises the lower end of its 2016 gold output forecast, and now expects to produce 4.8M-5M oz. this year vs. a previous outlook of 4.7M-5M oz.
- Expects the sale of its stake in the Batu Hijau copper and gold mine in Indonesia to close in Q4.
- NEM also revises its gold price-linked dividend policy to take advantage of rising prices; under the new policy, NEM says it will pay at least $0.10/share at gold prices below $1,150/oz., beginning Q1 2017.
- Finally, NEM says Nancy Buese, most recently the CFO at MPLX, will become the company's new CFO effective Oct. 31, replacing Laurie Brlas, who is retiring.
Wed, Oct. 26, 4:57 PM
Wed, Oct. 26, 4:38 PM
Tue, Oct. 25, 5:35 PM
- ABX, ACGL, AEM, AHL, ALDW, ALGT, AMSF, ANIK, AR, ARI, ARRS, AXS, AXTI, BGG, BWLD, CAA, CACI, CAKE, CDE, CHE, CMO, CMPR, CRY, CSGP, CSII, CW, DDR, DLB, DRE, ECHO, EFX, EGHT, EPE, EQY, ESND, ESV, EXR, FBHS, FFIV, FISV, FORR, GG, GRPN, GTY, HUBG, IBKC, INFN, JBT, KEX, KMT, KNX, KRA, KRC, KWR, LLNW, LMAT, MB, MC, MEOH, MKSI, MMLP, MMSI, MN, MUR, NEM, NEU, NOW, NTGR, NTRI, NXPI, O, OCN, ORLY, PLNT, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QTM, RCII, RGA, RHI, RJF, SCI, SFLY, SGMO, SHLM, SIGI, SU, TER, TILE, TIS, TRN, TSLA, TTMI, TXN, TYL, UCTT, UHS, UNM, VAR, VMW, WCN, WDC, WIRE, WLL, XL
Mon, Oct. 17, 3:43 PM
- Newmont Mining (NEM +2.5%) is upgraded to Overweight from Equal Weight at Barclays, despite fears of a Fed rate hike that have driven gold prices lower.
- The firm says it remains comfortable with its forecast for $1,350/oz. gold over 2017 as investors move past their immediate focus on the U.S. election and the next Fed move to consider what it sees as a continued high-risk, low growth global economy.
- Barclays thus believes NEM shares look increasingly attractive ahead of potentially favorable company-specific events; over the next several months, it looks for NEM to complete the sale of Batu Hijau, recalibrate and increase its dividend payout, and affirm development of its promising expansions in Ghana.
- The firm also likes OceanaGold (OTCPK:OCANF +2.4%), which has been hit by political risks in the Philippines, and thinks the miner will reaffirm its operations in the country and begin the ramp up of its key Haile project, its first in the U.S.
Fri, Oct. 14, 2:15 PM
- Newmont Mining (NEM -1%) CEO Gary Goldberg, who has been saying for more than a year that he would consider buying Barrick Gold’s (ABX -1.3%) half of their jointly owned Kalgoorlie Super Pit mine in Australia at the right price, says the companies are aligned on the resource value but not on the future value of the mine.
- Goldberg tells Bloomberg that the companies are "not misaligned" on the value of the resource in the ground, "but people have different assumptions on exchange rates, and gold price, those sorts of things.”
- NEM’s agreement to operate Kalgoorlie expires in 2020, and Goldberg says the company has cut costs by 30% and raised production 20% Y/Y since taking over the mine’s operation in May 2015.
- The miners have declined to say how much they think their stakes are worth; analyst valuations have ranged from $400M to ~$1.5B.
Fri, Oct. 7, 9:37 PM
- Barrick Gold’s (NYSE:ABX) 50% stake in the Kalgoorlie super pit gold mine has attracted interest from Kinross Gold (NYSE:KGC) and Zijin Mining (OTCPK:ZIJMF) in a sale that could fetch as much as $1B, Bloomberg reports.
- Australia's Newcrest Mining (OTCPK:NCMGF), Northern Star Resources (OTCPK:NESRF) and Evolution Mining (OTCPK:CAHPF), as well as some Chinese companies, also are considering bids, due by the end of October, according to the report.
- ABX is said to be considering ways to structure the sale, including the possibility of selling shares in the holding company that owns the mine, which would not include a right of first offer for Kalgoorlie operator and joint venture partner Newmont Mining (NYSE:NEM) and thus would allow other buyers to potentially acquire the stake.
- NEM has expressed interest in the 50% of the mine it does not already own ever since ABX announced plans to sell its stake in July.
Tue, Oct. 4, 2:20 PM
- Precious metals miners are slammed as gold prices dip well below $1,300/oz. to settle at $1,269.70, its lowest since the U.K.'s Brexit vote in June, as upbeat U.S. manufacturing data yesterday has stoked expectations of higher interest rates.
- Gold is “falling off the cliff,” says Naeem Aslam, chief market analyst at ThinkMarkets. “Traders are buying the equity market with both hands, especially over in the U.K.” as the British pound declines.
- Among precious metals miners today: ABX -9.2%, KGC -10.4%, GG -7.8%, NEM -8.7%, EGO -7.4%, RGLD -7.8%, AEM -8.9%, NG -9.7%, SLW -9.1%, FNV -5.6%, IAG -11.2%, GOLD -8.1%, AU -9.3%, GFI -6.4%, SBGL -8.1%, HMY -9.9%, AUY -11.6%, BTG -9.3%, NGD -6.6%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS