Newmont Corporation
NEM
recently completed a deal with Skeena Resources Limited to acquire certain properties located in Tahltan Territory in northwestern British Columbia.
Newmont will partner with the Tahltan Nation, the Iskut community and the British Columbia government. This wil make available segments of the purchased properties to support the land use planning objectives of the Tahltan Nation and the Iskut community.
Newmont focuses on sustainable resource development and developing a world class mining jurisdiction while protecting and conserving important lands to the Tahltan Nation and the Iskut community. The company noted that the mining claims around Iskut are not being purchased for development or their mineral potential but to address concerns raised through its engagement with the Tahltan Nation.
Newmont purchased the Saddle North deposit through the acquisition of GT Gold Corporation last year. The company acknowledges the need for Tahltan consent to advance the project.
Shares of Newmont have declined 5.2% in the past year compared with a 9.8% fall of the
industry
.
Image Source: Zacks Investment Research
In its last earnings call, Newmont stated that it expects attributable gold production of 6.2 million ounces for 2022. The company also expects gold CAS to be $820 per ounce and AISC to be $1,050 per ounce.
Newmont’s guidance reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. It includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Suldes, Pamour at Porcupine and Cerro Negro District Expansion 1.
Newmont Corporation Price and Consensus
Newmont Corporation price-consensus-chart
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Newmont Corporation Quote
Zacks Rank & Key Picks
Newmont currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are
Allegheny Technologies Inc.
ATI
,
Nutrien Ltd.
NTR
and
Cabot Corporation
CBT
.
Allegheny has a projected earnings growth rate of 869.2% for the current year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 27.3% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 12.6% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
Nutrien has a projected earnings growth rate of 163.2% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 27.5% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 45% in a year. The company flaunts a Zacks Rank #1.
Cabot, currently carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 21.5% for the current year. The Zacks Consensus Estimate for CBT’s earnings for the current year has been revised 5.2% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 19.6% over a year.
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