Australian (ASX) Stock Market Forum

NEM - Newmont Mining Corporation

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Good morning
Published today (11/09/24) New Corp Media et al...
Gold miner Newmont has agreed to sell its majority stake in the Telfer mine in WA and a handful of other assets to UK-listed Greatland Gold.

As part of an effort to offload its non-core assets, the miner will also sell its 70 per cent stake in the Havieron copper and gold project and its other related interests in Australia’s Paterson region as part of the deal.

Greatland will pay $US207.5 million ($311.1 million) in cash and $US167 million in shares to buy the assets.

Have a very nice day, today.

Kind regards
rcw1
 
A quick look at their quarterly and I can't see any crocodiles that warranted this overnight.

Should be great for the GDX. :mad:

Screenshot 2024-10-25 at 09.47.28.png
 
Market Matters morning report
Not Held

Newmont Corp (NEM US) $US49.03
In a far worse session than on the ASX yesterday, Newmont’s US listed shares tumbled ~15% overnight following cost blowouts. The shares had their worst session since the GFC on their subsequent earnings miss and likely swath of downgrades that followed this disappointing 3rd quarter report which came in well short of expectations. Higher costs were across the board but Lihir again made a significant contribution to the miss, most of us have heard this before! The only positive aspect was NEM increased their share repurchase program to $US3bn, but with gold trading around $US2,750 we expect our sector holdings to contribute positive alpha to our portfolio, not detract!
The company does have huge free cash flow (FCF) hence the $US2bn increase of the buyback, helped by strong production, their issue is clearly all around costs, sort this and the stocks cheap – one to watch, not buy yet. They’re AISC was $US1611, up 13% and well ahead of $US1445 estimations. A likely very tough session this morning for local NEM holders who inherited the stock after the US giant took out Newcrest Mining (NCM).
  • We are bullish most gold stocks but there’s no need to select ones that cannot deliver operationally, they’re “cheap” for a reason.
MM is neutral towards NEM
 
Newmont is bulged with cash (latest $1.4b divestment from Mussel in Ontario); to buy some.
Who that could or will be?
De Grey?
 
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