The share price for Newmont Mining has increased twice fast as gold prices since January—something that should increase profitability for the gold miner and allow it to lower operating costs as sells more shares.
NEWMONT MINING (New York symbol NEM; www.newmont.com) is one of the world’s largest gold and copper producers, with major mines in the U.S., Peru, Suriname, Australia, Ghana and Indonesia.
Newmont’s shares have gained 41% since the start of 2016. That’s mainly because the recent volatility in global stock markets has pushed up gold prices during the same period by 17% to $1,242 an ounce.
Rising gold prices will also improve the profitability of Newmont’s Cripple Creek & Victor gold mine in Colorado. The company acquired the operation in August 2015 from AngloGold Ashanti (New York symbol AU) for $820 million.
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Cripple Creek will produce 350,000 to 400,000 ounces of gold a year once it finishes an expansion in 2016. To put that in context, Newmont expects to produce 4.6 million to 4.9 million ounces this year. The mine should last until at least 2026.
To help pay for Cripple Creek, the company announced that it would sell 29.0 million common shares for a total of $682 million. Newmont also agreed to sell its Waihi gold mine in New Zealand for $101 million.
The company feels it can cut Cripple Creek’s operating costs by 10%. Newmont expects its overall operating costs will fall as it opens new mines in the next few years.
However, like most gold firms, Newmont’s shares will need a gold-price recovery to move significantly higher. The stock is expensive at 42.3 times the $0.62 a share that Newmont will probably earn in 2016.
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