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Newmont Corp NEM

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Steady Q2 Leads Newmont to Maintain 2021 Outlook, but Shares Still Overvalued From Gold Price

Analyst Note

| Kristoffer Inton |

In line with previous guidance, Newmont’s second-quarter production was relatively light compared with its full-year outlook as it continues to expect a back-half-weighted year. The company produced 1.45 million attributable gold ounces, roughly steady from the first quarter but up 15% from a COVID-affected year-ago quarter. Newmont will second-half production to increase nearly 25% to hit its full-year guidance, but improved grades at Merian and Cerro Negro should help it hit the lower end of the guidance range in our forecast.

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Company Profile

Business Description

Newmont is the world's largest gold producer. In 2020, the company produced 5.9 million attributable ounces of gold and over 1 million attributable gold equivalent ounces from the sale of byproducts. On a long-term basis, the company expects to produce 6.5 to 7 million ounces of annual gold production while driving all-in sustaining costs down to $800 per $900 per ounce. In comparison, 2020 AISC was $1,045 per ounce.

Contact
6900 E Layton Avenue, Suite 700
Denver, CO, 80237
T +1 303 863-7414
Sector Basic Materials
Industry Gold
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 14,300

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