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Newmont Corp NEM

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Little COVID-19 Impact on Newmont’s First Quarter, but Shares Look Overvalued Due to High Gold Price

Analyst Note

| Kristoffer Inton |

In our March COVID-19 update for gold miners, we maintained Newmont’s forecast and fair value estimate, as we expected minimal disruption across its diversified production footprint. Our view has proved to be correct thus far, as just 10% of 2020 planned production remains on care and maintenance due to COVID-19. Nevertheless, the company withdrew its guidance in March given the uncertainty surrounding the length and ultimate impact of the pandemic.

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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 Mar 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type Hard Assets
Employees 16,600