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Newmont Corp NEM

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Newmont’s Solid Q3 Puts It on Track to Hit Full-Year Guidance, but Lofty Gold Price Limits Upside

Analyst Note

| Kristoffer Inton |

Following the restart of all five mines that had been suspended because of the COVID-19 pandemic, Newmont delivered a solid third quarter. Attributable gold production of 1.54 million ounces was down 6% over the prior-year quarter but up 22% sequentially. Gold all-in sustaining costs saw similar trends, with third-quarter AISC of $1,020 per ounce up 3% from 2019 but down 7% from the second quarter. With production and costs largely restored to normal operating levels, Newmont was able to send the massive year-over-year increase in gold prices to the bottom line, with EBITDA of $1.7 billion more than 50% higher than last year.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Hard Assets
Employees 16,600