Archive | Newmont

Newmont CEO Sees Gold ‘Elevated,’ But Will Keep Plans Grounded – by Steven Frank (Bloomberg News – September 16, 2020)

https://www.bnnbloomberg.ca/

(Bloomberg) — The world’s biggest gold producer sees the price of the precious metal remaining “elevated” as governments continue pandemic stimulus spending, but don’t expect that to change Newmont Corp.’s focus on fiscal “discipline” any time soon.

Gold skyrocketed to record heights above $2,000 an ounce in August, helping lift miners’ cash flow, stock prices and likely the hopes of shareholders expecting higher returns. Spot gold has since dipped a bit, but the haven metal is still trading in record territory above $1,900.

“There are a lot of signals that point to gold staying at these elevated levels — with I think a lot of volatility around it — for some time to come,” Newmont Chief Executive Officer Tom Palmer said by phone. Continue Reading →

Brace for volatility as virus grips platinum, palladium markets: JM – by Peter Hobson (Reuters U.S. – May 18, 2020)

https://www.reuters.com/

LONDON (Reuters) – Platinum and palladium markets will be tight this year as the coronavirus pandemic hammers supply and demand, materials maker Johnson Matthey said on Monday, declining to give full-year forecasts and saying prices will be erratic.

Production of the metals, used to reduce vehicle emissions, and their consumption by auto makers could fall by around one-fifth in 2020 but the course of the virus is too uncertain to give precise numbers, the company said in a report.

Temporary dislocations as the new coronavirus impacts different places at different times could have the biggest influence on prices, Rupen Raithatha, Johnson Matthey’s director of market research, said. Continue Reading →

Gold giant Newmont says metal could top US$2,000 on virus stimulus – by David Stringer (Bloomberg News – April 16, 2020)

https://www.bnnbloomberg.ca/

Gold could top US$2,000 an ounce and will remain elevated over the next five years as the global economy contends with the impact of the coronavirus pandemic, according to the head of Newmont Corp., the world’s top miner of the precious metal.

“The level of stimulus globally that’s going into the economy certainly underpins higher gold prices for the longer term, and I don’t think that stimulus has stopped yet,” Chief Executive Officer Tom Palmer said Thursday in a phone interview from Perth. “You could certainly see scenarios that have it pushing north of US$2,000.”

Spot bullion is trading around US$1,720 — close to a more than seven-year high — and is forecast by numerous banks to extend gains as the impact of the virus pushes economies toward recession and prompts action from central banks. Continue Reading →

COVID-19 puts Musselwhite Mine in mothballs: Newmont places four global mine operations on care and maintenance – by Staff (Northern Ontario Business – March 23, 2020)

https://www.northernontariobusiness.com/

Musselwhite Mine in northwestern Ontario is one of four mines Newmont has chosen to temporarily suspending operations due to the COVID-19 outbreak.

The remote, fly-in/fly-out operation is being placed in care and maintenance to protect nearby First Nations from the spread of the virus and also to adhere to government-mandated travel restrictions in Canada and South America.

Musselwhite is an underground gold mine, 500 kilometres north of Thunder Bay. The Newmont mines being temporarily mothballed are: Eléonore in Quebec, Cerro Negro in Argentina, and Yanacocha in Peru. Continue Reading →

Newmont’s gold reserves surpass 100moz, largest in company history – by Jackson Chen (Mining.com – February 17, 2020)

https://www.mining.com/

Colorado-based gold miner Newmont (NYSE: NEM, TSX: NGT) has reported gold mineral reserves of 100.2 million attributable ounces for 2019, the largest ever in company history. This represents a 53% increase over the 65.4 million ounces recorded in 2018 following the completion of two major transactions and through ongoing exploration success.

Last year, Newmont added almost 50 million ounces of gold reserves through the acquisition of Goldcorp, the formation of the Nevada Gold Mines joint venture and the continuation of its exploration program, solidifying the company as the world’s largest gold miner.

According to President and CEO Tom Palmer, the company’s reserve and resource base will be able to support stable production of more than six million ounces per annum for decades to come. Continue Reading →

FP Dealmakers: Inside Barrick’s attempt to gatecrash Newmont and Goldcorp’s party – by Gabriel Friedman (Financial Post – January 30, 2020)

https://business.financialpost.com/

FP Dealmakers: One question that remains for 2020, and beyond is what effect the expected consolidation will have on Canada’s mining sector

All through the holidays, Rick McCreary kept disappearing from his family, hopping on conference calls for long stretches without explaining what was going on. So it goes for a deputy chair of investment banking at TD Securities when a major merger is in the works.

In this case, it was between December 2018 and January 2019, and McCreary was advising Vancouver’s Goldcorp Inc. on its US$10-billion acquisition by Colorado-based Newmont Mining Inc., one that triggered a wave of other deals, and only closed after a series of bumps almost derailed it entirely.

“Honestly, it was the most stressful one I’ve worked on,” said McCreary. For McCreary, it carried a strong emotional weight because of the long and tangled history of the companies and people who worked on it. Continue Reading →

America’s Gold Giant Bets on Dividends, Improved Mines to Hold Off Rival – by Alistair MacDonald (Wall Street Journal – January 27, 2020)

https://www.wsj.com/

Newmont’s push to attract more investors comes after Barrick Gold made inroads with its $6 billion acquisition

Newmont Corp.’s lead over bitter rival Barrick Gold Corp. has shrunk after both made big acquisitions. Now the world’s biggest gold producer is betting high dividends and its new mines will drive future stock growth.

Newmont, America’s largest miner, is trying to improve operations at some of the gold mines that it acquired as part of its $10 billion deal for Goldcorp Inc. The Denver-based company says the problems have been fixed and is betting that sharing more of its profits with shareholders will attract generalists back to a sector they have avoided for years.

Barrick Gold, meanwhile, has seen more immediate returns from its $6 billion purchase of South Africa’s Randgold Resources Ltd., and shares of the Canadian miner have outperformed Newmont over the past year. However, some investors—including its largest one—have raised concerns about the company talking about bulking up its copper holdings. Continue Reading →

Newmont’s new Borden Mine futuristic – by Adella Harding (Elko Daily Free Press – December 4, 2019)

https://elkodaily.com/

Newmont Goldcorp’s new Borden Mine in Canada has the latest in digital mining technologies, low-carbon energy vehicles, safety controls and processes for underground operations. The company calls Borden the “mine of the future.”

Newmont Goldcorp’s president and chief executive officer, Tom Palmer, said that “Borden’s electric underground fleet will eliminate diesel particulate matter from the underground environment and lower greenhouse gas emissions. This will help reduce energy costs, protect employee health and minimize impacts to the environment.”

Borden has a fleet of roughly 35 electric vehicles “that you’d expect in an underground hard-rock mine, including bolters, tractors, personnel carriers, jumbos, loaders, a grader and a range of utility vehicles,” said Omar Jabara, group executive for public relations and executive communications for Colorado-based Newmont. Continue Reading →

Barrick misses quarterly gold output estimates on Tanzania curbs (Reuters Canada – October 17, 2019)

https://ca.reuters.com/

(Reuters) – Barrick Gold Corp (ABX.TO), (GOLD.N) fell short of analysts’ estimates for third-quarter gold production on Thursday, as lower output at its North Mara mine in Tanzania offset gains from its Randgold buy and the Nevada Gold Mines joint venture.

Operations at the Canadian company’s North Mara mine were hit by tax and environmental disputes, and restrictions were lifted in September after Barrick addressed concerns about seepage at the project’s tailings storage facility.

North Mara was operated by Acacia Mining and Barrick took full control of the miner after a British court approved its $1.2 billion takeover. Continue Reading →

Newmont’s New CEO Plans to Dispense More Discipline Than Cash – by Vinicy Chan and Steven Frank (Bloomberg News – October 2, 2019)

https://www.bloomberg.com/

(Bloomberg) — Tom Palmer took the helm at the world’s largest gold miner shortly after bullion had its longest streak of quarterly gains since 2011. Now investors are looking to partake of that windfall.

But before shareholders get their piece of the pie, the new chief executive officer at Newmont Goldcorp Corp. will have to face the challenge of melding the assets from the recently completed mega-merger with Goldcorp Inc.

Newmont’s shares have trailed its peers, even with gold’s meteoric rise that took the metal to a six-year high of $1,557.11 an ounce last month. The stock’s rally this year is just less than a third of the pace of gains posted by its closest rival Barrick Gold Corp., which also sealed a massive merger deal. Continue Reading →

Newmont’s Incoming CEO Says No ‘Fire Sale’ Coming for Assets – by Vinicy Chan and Millie Munshi (Bloomberg/Yahoo.com – September 17, 2019)

https://finance.yahoo.com/

(Bloomberg) — Newmont Goldcorp Corp. is ready to sit tight on asset sales, even if that means not reaching a previously announced goal of as much as $1.5 billion in divestments.

That’s according to Tom Palmer, the company’s incoming chief executive officer. The world’s largest gold producer will be focusing on optimizing its current assets and is happy overall with its portfolio, other than a previously announced sale of Red Lake in Canada, he said.

“We’re in no rush to sell anything,” Palmer said in an interview Tuesday at the Denver Gold Forum. “There will be no fire sale in Newmont Goldcorp.” Continue Reading →

Century Project, lookout nearing completion, and more updates from Porcupine Gold Mines – by Maija Hoggett (Timmins Today – September 11, 2019)

https://www.timminstoday.com/

All-electric Borden Mine almost ready to open

From a public lookout of the open pit to the Newmont acquistion and where the Century Project is at, everything was on the discussion table for Marc Lauzier today.

Lauzier is the general manager of Newmont Goldcorp’s Porcupine Gold Mines and was the featured speaker at the Timmins Chamber of Commerce’s quarterly Inside Their Business event. Earlier this year, the $10-billion merger of Newmont Mining Corp. and Goldcorp was completed, creating a new company – Newmont Goldcorp.

The local operations involved are the Porcupine Gold Mines, which includes the Hoyle Pond underground mine and Hollinger open-pit. Borden Lake near Chapleau is opening this year and is an all-battery-electric mine. The Century project is also still in development. Continue Reading →

Joining forces: What does the Newmont-Barrick Gold mega merger mean for Nevada’s mining future? – by Rob Sabo (Northern Nevada Business View – August 26, 2019)

Northern Nevada Business View

ELKO, Nev. — After years of discussion, Nevada’s two largest mining companies struck a deal this summer to join forces and combine operations in the world’s largest gold-producing complex.

The joint venture between Barrick Gold Corporation and Newmont Goldcorp Corporation ushers in a new era in Nevada hard rock mining. Barrick owns and operates 61.5 percent of the newly formed Nevada Gold Mines, while Newmont owns 38.5 percent of the company. By sharing assets and access to each other’s facilities, Nevada Gold Mines expects to save close to a half-billion a year.

NGM Executive Managing Director Greg Walker, who started with Barrick in 2002, has seen his share of failed merger discussions over the years. Just this year, Barrick tendered an $18 billion stock offer to acquire Newmont outright. Continue Reading →

Deals by foreign buyers near $40-billion, set to eclipse last year’s pace – by Jeffrey Jones (Globe and Mail – August 6, 2019)

https://www.theglobeandmail.com/

Acquisitions in Canada by foreign buyers are already approaching the dollar value for all of 2018, as confidence in the economy trumps rising global trade tension and a dearth of deals in the oil patch.

Deals announced in the first half of 2019 topped $39.3-billion, only slightly less than the $40.2-billion worth of deals in all of 2018, a year considered to have been brisk for deal-making by foreigners, according to figures from the law firm Torys LLP.

Based on announced transactions and those the firm knows are being discussed, it is shaping up to be a strong year, though it is too early to predict a record, said Cornell Wright, co-head of Torys’ mergers and acquisitions practice. Continue Reading →

Mega-merger hurdles at Newmont Goldcorp hit gold miner’s profit – by Danielle Bochove (Bloomberg News – July 25, 2019)

https://www.bnnbloomberg.ca/

The world’s largest gold miner is experiencing some growing pains as it tries to integrate a slew of new assets from its recently completed mega-merger.

Newmont Goldcorp Corp.’s () shares fell after it posted an adjusted profit that was about half what analysts were expecting in a messy second quarter that included its merger with Goldcorp Inc. and the start of a new joint venture with rival Barrick Gold Corp. () in Nevada.

Although there have been “no surprises” in the acquired Goldcorp assets, underinvestment has been an issue throughout the portfolio, Newmont President Tom Palmer told analysts Thursday on an earnings call. “There was not the work done on exploration, there wasn’t the work done on development, and that’s absolutely fundamental in either an open pit or an underground mine.” Continue Reading →