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Newmont Corp NEM

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COVID-19 Will Have Mild Impact on Newmont’s 2020, but All-Time High Gold Price Makes Shares Pricey

Analyst Note

| Kristoffer Inton |

Newmont was forced to place Penasquito, Cerro Negro, Yanacocha, Eleonore, and Musselwhite under care and maintenance earlier this year due to the COVID-19 impact. Together, these mines accounted for 16% of production in 2019. However, all five mines have since resumed production. The mine closures led to the May revision of 2020 guidance to 6 million ounces of attributable production at all-in sustaining costs (AISC) of $1,015 per ounce. Pre-pandemic guidance called for 6.4 million ounces at AISC of $975 per ounce. Beyond 2020, the company expects no impact and continues to expect attributable production to reach 6.2 million to 6.7 million ounces at AISC of $850 to $950 per ounce in 2021, with costs falling in 2023 and beyond.

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Company Profile

Business Description

Newmont is the world's largest gold producer. In 2019, the company produced 6.3 million attributable ounces of gold and 624 million attributable gold equivalent ounces from the sale of byproducts. On a long-term basis, the company expects to produce 6.2 to 6.7 million ounces of annual gold production while driving all-in sustaining costs down to $800 per $900 per ounce. In comparison, 2019 AISC was $966 per ounce.

6363 South Fiddler's Green Circle, Suite 800
Greenwood Village, CO, 80111
T +1 303 863-7414
Sector Basic Materials
Industry Gold
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Hard Assets
Employees 16,600