- Newmont Mining Corporation recently reported Q1 FY 2014 results revealing a 69% decline in the company’s earnings. Despite the decline the company still beat analysts’ estimates regarding its earnings.
- The fall in the company’s top line due to unfavorable metal prices was the major reason behind the under performance of the company’s bottom line in Q1 FY 2014.
- Analysts are optimistic about the recovery in demand and prices of gold and copper in 2014 as gold will be considered a safe investment and China will consume more copper.
- The issues related to exports, faced by the company in Indonesia, are adversely affecting the company’s AISCs but Newmont’s CEO is optimistic for a favorable resolution.
- The analysts at JPMorgan Chase & Co. and Citigroup Inc. have recently reiterated their neutral and hold ratings for Newmont’s stock, setting price targets that reflect the stock’s upside potential.