This merged company is newly crowned as the world’s biggest gold miner but the work is just beginning as it looks to eliminate duplicate processing and other costs.
The company’s core mines are all in North America and other politically stable countries in South America, Australia and Africa.
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NEWMONT GOLDCORP (New York symbol NEM; www.newmont.com) took its current form on April 18, 2019, when Newmont Mining acquired Goldcorp Inc. Newmont paid $9.4 billion in shares plus $17 million in cash for Goldcorp.
The merged company is the world’s largest gold producer. Its mines are in North America and other politically stable countries in South America, Australia and Africa.
The new company has also folded its gold mines in Nevada into a new joint venture with Barrick Gold Corp. (New York symbol GOLD). Barrick owns 61.5% of the joint venture and operates it. Newmont holds the remaining 38.5%. By eliminating duplicate processing and other operations, the partners expect to cut an average $500 million annually from their pre-tax costs within five years.
Newmont expects to produce 5.2 million ounces of gold in 2019. It also expects annual production will eventually rise to between 6 million and 7 million ounces as it expands existing mines and opens new ones.
Mining Stocks: Cost cutting should save money as asset sales free up cash
By eliminating duplicate processing and other operations, Barrick and Newmont expect to cut an average $500 million annually from their pre-tax costs within five years.
Separately, Newmont plans to sell between $1.0 billion and $1.5 billion of its less-important assets. It also expects the Goldcorp purchase to let it cut $365 million from its annual costs. It has yet to reveal how much time it will likely need to achieve that saving.
The stock trades at a reasonable 24.4 times the projected 2019 earnings of $1.31 a share. The $0.56 dividend yields 1.8%.
Thanks for your question. We don’t cover Sibanye-Stillwater in any of our newsletters — but we may look at in the future in response to a question from a member of our Inner Circle.
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They just bought LONMIN — they have assets in the Marathon ON area.
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