Newmont strike still on

Article Excerpt

NEWMONT CORP., $40.66, remains a buy for long-term growth and as a hedge against inflation. The company (New York symbol NEM; Shares o/s: 794.7 million; Market cap: $33.2 billion; TSINetwork Rating: Average; Dividend yield: 3.9%; www.newmont.com) is the world’s largest gold miner, with major mines in North America, South America, Australia, and Africa. It also produces copper, silver, lead and zinc. Newmont’s operations at its Penasquito mine in Mexico remain suspended due to a strike by 2,000 unionized workers on June 8, 2023. In 2022, this mine accounted for 18% of the company’s total revenue of $11.92 billion. A long strike would undoubtedly hurt Newmont’s earnings. However, the company considers this walkout a violation of its existing labour agreement, so a settlement seems likely. Newmont remains a buy for long-term gains. gains. …