Newmont Corporation
NEM
recently announced its outlook for 2022 with attributable gold production guidance of 6.2 million ounces and all-in sustaining costs (AISC) of $1,050 per ounce, assuming a gold price of $1,800 per ounce.
Total gold production combined with other metals is projected to be 7.5 million gold equivalent ounces in 2022. It is expected to improve over the longer term, with declining costs through investments in new, lower-cost production and benefits from potential improvements.
Production is projected to improve between 6.2-6.8 million ounces in the longer term. The gold cost applicable to sales (CAS) guidance is $820 per ounce for 2022, improving to $700-$800 per ounce in the longer term. Gold AISC is expected to improve between $920 and $1,020 per ounce in the longer term.
Attributable sustaining capital guidance is $925 million for 2022 and is projected between $825 and $1,025 million in the longer term.
The company stated that its outlook remains strong as it steadily increases production and improves costs over time from its global portfolio of world-class assets based in top-tier jurisdictions. It expects to deliver roughly 7.5 million gold equivalent ounces next year, reflecting the strength of operations and proven operating model.
Newmont said that it is entering a period of significant investment in its organic project pipeline, an important element in growing production, improving margins and extending mine life. It remains focused on delivering long-term value to all of its stakeholders through the ongoing commitment to sustainable and responsible mining.
Shares of Newmont have declined 11% in the past year compared with a 10% fall of the
industry
.
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Zacks Rank & Key Picks
Newmont currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are
Nucor Corporation
NUE
,
The Chemours Company
CC
and
The Mosaic Company
MOS
.
Nucor has an expected earnings growth rate of 583.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 7.7% upward in the past 60 days.
Nucor beat the Zacks Consensus Estimate for earnings in two of the last four quarters, while missing the same twice. The company has a trailing four-quarter earnings surprise of roughly 2.74%, on average. The stock has surged around 97.5% in a year. NUE currently carries a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Chemours has an expected earnings growth rate of 105.1% for the current year. The Zacks Consensus Estimate for the current year has been revised 10% upward in the past 60 days.
Chemours beat the Zacks Consensus Estimate for earnings in all of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 34.2%, on average. CC has increased around 11.1% over a year. CC currently sports a Zacks Rank #2.
Mosaic has a projected earnings growth rate of 500% for the current year. The consensus estimate for the current year has been revised 0.8% upward in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the last four quarters. MOS has a trailing four-quarter earnings surprise of 38.1%, on average. The company’s shares have gained around 56% in a year. It currently carries a Zacks Rank #2.
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