Barrick Gold Corporation (ABX) reported last quarter earnings on August 05. However, adjusted earnings beat the Zacks Consensus Estimate.
Exports from the Batu Hijau copper and gold mine in Sumbawa Island and from Freeport’s Grasberg mine in Papua province resumed about a year ago. Just as Barrick has suggested it may seek partnerships to share costs at its stalled Pascua-Lama project, Newmont may also bring in a partner at Conga.
Copper prices fell to two-week lows earlier today as concern about China’s demand for the commodity outweighs positive trade data from the country, and gold prices are lower as a stronger dollar and looming interest rate hike weigh on the precious metal, The Wall Street Journal reports.
Newmont shares have lost 34 per cent in the past year, while Barrick has plunged 52 per cent. Both companies’ shares are worth less than their book value. Finally, JPMorgan Chase & Co. raised their price target on Newmont Mining Corp from $29.00 to $29.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Credit Suisse reaffirmed an “outperform” rating and set a $30.00 price target on shares of Newmont Mining Corp in a research report on Tuesday, June 23rd. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock now has a consensus rating of “Buy” and an average target price of $24.75. During last trade its minimum price was $15.40 and it gained its highest price of $16.36 and has a total of 529.05 million outstanding shares. In the meantime, operations are running at full capacity and authorities haven’t asked the company to list on the local exchange, he said. The company has a market cap of $8.25 billion. The firm has a 50-day moving average price of $16.73 and a 200 day moving average price of $21.77.
Newmont Mining Corp (NYSE:NEM) was ranked by the Dow Jones Sustainability World Index as the mining industry’s leader in overall sustainability, marking the ninth consecutive year the company has been included on the index.
Gold for December delivery is lower by 0.62% to $1,125.70 per ounce, and copper for September delivery is decreasing by 3.75% to $2.31 per pound this morning on the COMEX. Its earnings per share are $0.77. Equities research analysts expect that Newmont Mining Corp will post $1.08 earnings per share for the current year. Shareholders of record on Thursday, September 10th will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Tuesday, September 8th. Stock institutional ownership is 82.00% while insider ownership includes 0.10%. The Business is concentrated on gold production. Newmont is also participated in the exploration for and acquisition of copper and gold properties. Its businesses or assets have been in the United States Australia Peru Indonesia Ghana Mexico Suriname and New Zealand.