Sale helps fund new exploration

Article Excerpt

NEWMONT CORP. $42 is a buy for long-term growth and a hedge against inflation. The company (New York symbol NEM; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 793.7 million; Market cap: $33.3 billion; Price-to-sales ratio: 2.6; Dividend yield: 5.2%; TSINetwork Rating: Average; www.newmont.com) is the world’s largest gold producer. It also produces copper, silver, lead and zinc. The company is now selling its 18.75% stake in Argentina’s MARA copper-gold joint venture to Glencore International AG. That will raise Glencore’s stake to 43.75%. Yamana Gold Inc. (Toronto symbol YRI) will continue to own 56.25% of MARA and operate it. Newmont will receive up to $174.9 million, which will help offset the $2 billion it plans to spend on exploration and upgrades in 2022. Newmont is a buy. buy…