NEWMONT MINING CORP. $40 (New York symbol NEM; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 496.7 million; Market cap: $19.9 billion; Price-to-sales ratio: 2.0; Dividend yield: 4.3%; TSINetwork Rating: Average; www.newmont.com) gets 90% of its revenue from gold mines in the U.S., Australia and Peru. Copper, zinc and other metals supply the remaining 10%.
In 2012, Newmont sold its gold for an average of $1,662 an ounce, up 6.4% from $1,562 in 2011. But production fell 4.9%, to 5.6 million ounces from 5.9 million. That’s because it had to cut production at its 31.5%-owned Batu Hijau gold/copper project in Indonesia as the mine prepares to open a new phase in 2014.
As a result of the lower production, Newmont’s revenue fell 4.7% to $9.9 billion from $10.4 billion. Rising operating costs and higher royalty payments have also pushed up Newmont’s cost per ounce by 14.6%, to $677 from $591. That cut its 2012 earnings by 14.7%, to $1.85 billion, or $3.73 a share. In 2011, it earned $2.2 billion, or $4.39 a share.
The company links future dividend hikes to its average selling price for gold in the preceding quarter. The current annual rate of $1.70 a share yields 4.3%. The stock trades at just 9.1 times the company’s projected 2013 earnings of $4.38 a share.
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