|Bid||39.49 x 800|
|Ask||39.50 x 800|
|Day's Range||39.26 - 39.65|
|52 Week Range||29.06 - 41.23|
|Beta (3Y Monthly)||-0.22|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||0.56 (1.45%)|
|1y Target Est||45.99|
(Bloomberg) -- Bullion may be trading near a six-year high, but gold-mining executives keen to show they’re conscientious on costs were munching on potato salad instead of oysters at this week’s industry gathering in Denver.As the chief executive officer of Agnico Eagle Mines Ltd., Sean Boyd, put it: “A general theme of this conference has been the need to maintain discipline.”That sentiment was echoed in presentations, interviews and the general coffee-time chatter at the gold industry’s largest U.S. gathering of the year. There was little buzz when it came to deals, and most mining executives stressed they were making business decisions based on a gold price of $1,200 an ounce, even as the metal traded above $1,500.“The message to the mines isn’t ‘It’s open season now,”’ for ramping up output at all cost, Boyd said in a presentation at the Denver Gold Forum on Tuesday.Gold producers are putting into practice hard lessons learned during the metal’s last bull surge. Prices in the spot market reached a record $1,921.17 in 2011, but quickly started to collapse from the euphoria as gains in the equity market and economic growth meant the metal fell out of favor as a haven. By the end of 2015, prices had tumbled about 45%.In the meantime, mining companies started ramping up production during the rally, at times taking on high-capital projects. The subsequent price slump dismayed investors who have only been lured back after cost cutting, debt reduction and boosts in productivity.No PressureNow that bullion is back in favor, many miners are playing it safe. CEOs including Sebastien de Montessus of Endeavour Mining Corp. and Paul Rollinson of Kinross Gold Corp. emphasized they didn’t feel pressure to get into big-time mergers and acquisitions. Most executives speaking during presentations and interviews emphasized plans for organic growth and optimizing existing assets.Barrick Gold Corp. CEO Mark Bristow also said there wasn’t much deal chatter at the conference, while saying that consolidation would be good for the industry.To be sure, there does seem to be some deal interest when it comes to Chinese producers. China Gold International Resources Corp., the overseas arm of state-owned China National Gold Group, is on the hunt for acquisitions to replenish its pipeline, Jerry Xie, executive vice president, said in an interview. The company is comfortable making purchases with a price tag at roughly $1 billion to $2 billion, Xie said.Prudence PervadesThat seemed to be a rare exception. Even when it comes to selling, producers are cautious.Newmont Goldcorp Corp.’s incoming CEO Tom Palmer said he’s ready to sit tight on investments even if that means not reaching a previously announced goal of as much as $1.5 billion in asset sales after the company’s merger with Goldcorp.“We’re in no rush to sell anything,” Palmer said in an interview Tuesday at the Denver Gold Forum.In an interview with Bloomberg Television, Palmer said there hasn’t been much discussion of M&A at the conference. That runs counter to what some analysts were expecting before the conference. Newmont’s mega-merger with Goldcorp, along with Barrick’s purchase of Randgold Resources Ltd., helped drive M&A in the sector to $18.2 billion in 2019, the highest level in eight years, according to data compiled by Bloomberg.Now companies are turning their focus to “managing their businesses,” Palmer said.To contact the reporters on this story: Vinicy Chan in New York at email@example.com;Millie Munshi in Denver at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Newmont Goldcorp Corp. is ready to sit tight on asset sales, even if that means not reaching a previously announced goal of as much as $1.5 billion in divestments.That’s according to Tom Palmer, the company’s incoming chief executive officer. The world’s largest gold producer will be focusing on optimizing its current assets and is happy overall with its portfolio, other than a previously announced sale of Red Lake in Canada, he said.“We’re in no rush to sell anything,” Palmer said in an interview Tuesday at the Denver Gold Forum. “There will be no fire sale in Newmont Goldcorp.”That’s a change of tone. Outgoing CEO Gary Goldberg said earlier this month Newmont was still planning to divest up to $1.5 billion in assets following its $10 billion acquisition of rival Goldcorp in April, taking advantage of higher gold prices.On Tuesday, Palmer said the company was forging ahead with its planned sale of Red Lake, a former Goldcorp asset, and has fielded interest from about a dozen parties. He also said any additional sales would only come after careful study, and Newmont was ready to do more work to understand what value can be “extracted” from the assets.‘No Pressure’“There are assets that we are looking to optimize, and we’ll spend two to even three years to understand them,” he said. “There’s absolutely no pressure to sell assets to generate cash.”Newmont’s seeming step back from divestments fits an overall cautious tone at the Denver conference. Even with gold prices trading above $1,500 an ounce and reaching a six-year high earlier this month, in presentations and interviews mining executives have expressed a desire to be disciplined when it comes to deal making. Many, including Palmer, also stressed they’re still working to ensure their businesses can be profitable based on the assumption of a $1,200 gold price.Kalgoorlie SaleIn an interview with Bloomberg Television, Palmer said there hasn’t been much discussion of mergers and acquisitions at the Denver Gold Forum. That runs counter to what some analysts were expecting before the conference. Newmont’s mega-merger with Goldcorp along with Barrick Gold Corp.’s purchase of Randgold Resources Ltd. helped drive M&A in the sector to $18.2 billion in 2019, the highest level in eight years, according to data compiled by Bloomberg.Now companies are turning their focus to “managing their businesses,” Palmer said.Palmer said Newmont, which owns 50% of the Kalgoorlie Super Pit in Australia, wasn’t aware how much progress Barrick had made in its planned sale of its half of the mine.“We support them in terms of we’ll provide information as we’re the manager of the operation, but we’re not privy to the process they’re running,” Palmer said of Barrick’s planned sale.‘Compelling Value’Newmont would consider buying Barrick’s stake, and it would also be open to selling its half, as Barrick CEO Mark Bristow has suggested might make sense.“If we can get the other half at a right price, we’ll always be interested in buying,” Palmer said. “If someone comes to us with a compelling value, we’ll consider that,” he said of Kalgoorlie.“But apart from that, we are focused on optimizing and realizing its value,” and the company is also “happy” to work with a new partner, as they’ve done with Barrick, he said.Palmer will succeed Goldberg as CEO on Oct. 1. as part of a previously announced succession plan.‘Growing Our Margins’Palmer has played a central role in leading the Newmont-Goldcorp integration and the establishment of the joint venture with Barrick in Nevada, Newmont said in a statement last week. Palmer has a strong mining pedigree, but is less of a public figure than Barrick’s Bristow, whose colorful quotes have regularly established him as part of the news cycle. He and Bristow will need to cooperate as they implement a sweeping joint venture in Nevada.In terms of his mandate as CEO, Palmer said his first priority is “safety of our people.”“Second one for me, it’d be growing our margins, making sure we’re operating on our technical and financial discipline,” he said. “Third one is growing our reserves and resources through our exploration programs. Fourth, optimizing our project pipeline. The fifth one is to maintain our capital allocation discipline. If we are generating additional free cash because of gold prices, we may start paying down debts.”(Updates with comments from Palmer starting in third paragraph.)To contact the reporters on this story: Vinicy Chan in New York at firstname.lastname@example.org;Millie Munshi in Denver at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- China Gold International Resources Corp., the overseas arm of state-owned China National Gold Group, is on the hunt for acquisitions to replenish its pipeline as deal-making in the sector heats up thanks to a jump in the metal’s price.“We need more pipeline, especially in gold production,” Jerry Xie, executive vice president, said in an interview on the sidelines of the Denver Gold Forum on Monday. “We’re currently looking for acquisition opportunities quite aggressively. We’re doing this on behalf of our parent company, not just for ourselves.”The miner, listed both in Canada and Hong Kong, is targeting companies with assets in operational stages that have ramp-up plans. The company is comfortable making purchases with a price tag at roughly $1 billion to $2 billion, Xie said.The company is open to studying potential acquisitions of single-asset companies with mines near production, he said. It is also interested in possible asset sales that may come from Barrick Gold Corp. and Newmont Goldcorp Corp., which both have plans to divest after recent mega-mergers.Gold is near a six-year high, and industry shares are up about 60% in the past 12 months. Meanwhile, the amount of gold reserves still buried in mines is down by more than half from a 2011 peak. It’s a potent mix that may push miners toward consolidation over expansion for growth.Acquisitions of gold producers have already jumped to $18.2 billion this year, the highest level in eight years, driven by the merger of Barrick and Randgold Resources Ltd. as well as Newmont’s $10 billion purchase of Goldcorp Inc., according to data compiled by Bloomberg. Meanwhile, the long-term outlook for gold prices remains bullish, with Citigroup Inc. seeing potential for a record above $2,000 an ounce in the next two years.China National Gold, the nation’s second-largest gold miner, is studying a bid for a stake in Canada’s Iamgold Corp., Bloomberg news reported in June. Xie declined to comment on the parent company’s potential deal.To contact the reporter on this story: Vinicy Chan in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Millie Munshi, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (formerly known as Newmont Mining Corporation) (“Newmont Goldcorp” or the “Company”) announced today that it has received aggregate net proceeds of approximately $690 million, after deducting underwriting discounts (before expenses), upon the closing of its registered public offering of $700 million principal amount of 2.800% Senior Notes due 2029. The Notes are senior unsecured obligations of the Company and rank equally with the Company’s existing and future unsecured senior debt and senior to the Company’s future subordinated debt. The Notes are guaranteed on a senior unsecured basis by the Company’s subsidiary, Newmont USA Limited.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) was ranked as the top global gold mining company on the Dow Jones Sustainability World Index (DJSI World) for its leading environmental, social and governance (ESG) performance. This represents the 12th consecutive year the Company has been named to the list. Newmont was the first gold company named to the index in 2007, and has been included on the DJSI North America Index every year since 2006.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) announced that the dialogue sponsored by the government of Mexico to resolve issues with a trucking contractor and the San Juan de Cedros community (one of Peñasquito’s 25 neighboring communities) has been suspended and that an illegal blockade has resumed. The Company remains willing to continue good-faith discussions and will be available to resume the dialogue once the other parties recognize their interests are best served by returning to the government-sponsored discussions and not through illegal and unproductive blockades that hurt local communities. In order to ensure the safety of people, assets, and the long-term viability of Peñasquito, the Company has temporarily suspended operations for as long as the illegal blockade persists.
(Bloomberg) -- Executives headed to the Denver Gold Forum a year ago were hit with a startling bit of news as they stepped off their planes: A merger made public that afternoon was set to create the world’s biggest gold company.Now, a year after Barrick Gold Corp. agreed to buy Randgold Resources Ltd., and in the wake of a second huge megamerger, executives are once again traveling to the Denver meeting, which opens Sunday. Only this time, the industry will be watching to see if mid-tier miners concerned about losing out to larger rivals are ready to jump into the M&A game.Gold is near a six-year high, and industry shares are up about 60% in the past 12 months. Meanwhile, the amount of gold reserves still buried in mines is down by more than half from a 2011 peak. It’s a potent mix that may push miners toward consolidation over expansion for growth.“M&A can trigger a game of musical chairs,” said Matthew Hind, global co-head of metals and mining investment banking for Credit Suisse Group AG. “When one transaction happens and is well-received, there is a tendency for others to want to try and find their partner, nobody wants to miss out.”Acquisitions of gold producers have already jumped to $18.2 billion this year, the highest level in eight years, driven by the Barrick-Randgold merger and Newmont’s $10 billion purchase of Goldcorp Inc. this year, according to data compiled by Bloomberg. Meanwhile, the long-term outlook for gold prices remains bullish, with Citigroup Inc. seeing potential for a record above $2,000 an ounce in the next two years.“There will be depletion in gold reserves,” Newmont Chief Executive Officer Gary Goldberg said in a telephone interview. “At the same time, you have demand growing in India and China. So from a supply-demand standpoint, you’ll see good opportunity.”A year ago, executives heading to the Denver Gold Forum were facing a much different situation. Bullion had slipped more than 7% in the year leading up to the meeting, and an expanding global economy diminished demand for the metal as a haven. The Philadelphia Stock Exchange Gold and Silver Index of 30 companies was down about 22%.Much of the discussion at this year’s meeting is likely to center on mergers and acquisitions. Credit Suisse’s Hind, for one, said he sees consolidation becoming a major industry factor in the next 12 to 18 months, with the mid-tier miners starting to play catch-up.Among gold producers, Canada’s Guyana Goldfields Inc. is exploring options including a potential sale of its business, Bloomberg News has reported last month. China National Gold Group Corp., the country’s second-largest gold miner, is also studying a bid for a stake in Canada’s Iamgold Corp., people with knowledge of the matter said in June.New Gold Inc., Pretium Resources Inc., TMAC Resources Inc. and Wesdome Gold Mines Ltd. are potential targets for Australian miners looking to expand in Canada through acquisition, BMO analyst Brian Quast wrote in May.“There’s a natural tendency for gold miners to consolidate, as most of them failed to invest for the future” by expanding their mining activities, Barrick Gold Corp. CEO Mark Bristow said in an August interview in Toronto.Meanwhile, the two megamergers are also expected to provide smaller rivals the opportunity to snap up assets.Barrick is targeting $1.5 billion of asset sales by end of next year and is engaged in selling its 50% stake in the Kalgoorlie mine in Australia, Bristow said. It’s also weighing a sale of its Tongon Gold mine in the Ivory Coast, people familiar with the matter said in August.Asset SalesNewmont completed its $10 billion acquisition of rival Goldcorp in April. It too is planning to divest up to $1.5 billion in assets, taking advantage of the higher gold price, Goldberg said by phone.Assets up for potential sale include Red Lake in Canada, Newmont said Friday in a statement. Some operations at the mine were paused temporarily earlier this year to do work to protect workers in the event water entered the mine. In July, CEO Goldberg had said the company needed to do more exploration at Red Lake before deciding if it would sell.Meanwhile, gold producers nowadays are also competing for attention from a smaller group of more passive investors who tend to put money in tracker funds, or index-related investments.“There’s a need for consolidation as companies need to be larger to stay relevant to a shrinking pool of investors,” Richard Tory, global head of metals and mining investment banking at Morgan Stanley, said in a separate interview.\--With assistance from Danielle Bochove, David Stringer and Joe Richter.To contact the reporter on this story: Vinicy Chan in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Reg Gale, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Canadian Utilities Ltd (TSX:CU) and Newmont Goldcorp Corp (TSX:NGT)(NYSE:NEM) are two stocks investors may want to add to their portfolio in order to stabilize it.
Newmont Goldcorp Corporation’s (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) President and incoming chief executive, Tom Palmer, will present Tuesday, September 17 at 10:30 am (MDT) at the 30th annual Denver Gold Forum, the world’s largest gathering of precious commodity equities. Mr. Palmer’s presentation is now available on the Company’s website. “As the world’s leading gold company, Newmont remains focused on keeping our people safe, while growing our profit margins through operating, technical and financial discipline,” said Mr. Palmer.
ELKO, Nevada, Sept. 11, 2019 /CNW/ -- U.S. Gold Corp. (NASDAQ:USAU - News) is pleased to announce it has closed the acquisition of Orevada Metals, Inc. ("Orevada Metals") in an all share transaction. Orevada Metals is, a Nevada corporation, wholly owned by a privately held Canadian company ("Orevada"), which has become a new wholly-owned subsidiary of U.S. Gold Corp. Orevada has an option to acquire a 70% interest in the Maggie Creek Project. The acquisition of Orevada and the option to acquire the Maggie Creek Project, gives U.S. Gold Corp. its second promising exploration project in Nevada, on the Carlin Trend.
(Bloomberg) -- Deep under gum-tree lined paddocks in southern Australia that delivered a bullion bonanza in the 19th Century, the unexpected promise of a second gold rush is luring a new generation of prospectors from billionaires to global miners and weekend panhandlers.As prices soar, production in the goldfields of Victoria state is rising again and has already climbed to the highest since 1914 as mining companies dig deeper and new technology helps to uncover once hidden and richer deposits in a region that almost rivaled the Californian gold rush and was thought to have petered out decades ago.“I’ve never seen anything like it in all my life — it’s like finding a safe underground,” David Baker, managing partner of gold investor Baker Steel Capital Managers LLP, and a visitor to mines for more than 30 years, said following a tour last month of Kirkland Lake Gold Ltd.’s Fosterville mine, the flagship for the region’s revival. “You don’t get better than that unless you can dig into Fort Knox.” With Victoria’s state government forecasting there may be as much as another 80 million ounces buried underground in the region —about as much as was dug out during the initial gold rush from 1851 — major players are moving in, including Newmont Goldcorp Corp. and billionaire miner Gina Rinehart.The region’s renaissance is also stoking hopes that new exploration of other historic global mining hubs could yet yield more riches.A thirty minute drive east of Bendigo, a city of elegant Victorian-era civic buildings built with the proceeds of the first gold rush, Kirkland has transformed its underground mine into one of the world’s most profitable gold operations.In a section of tunnel about 1.2 kilometers (0.75 miles) below surface, a thick diagonal white vein of gold-bearing quartz stretches across a face of dark gray rock, and fragments of ore scattered on the floor are studded with visible, glittering flecks of the metal.Delving deeper into the earth to tap this different and more concentrated source of the metal has dramatically shifted Fosterville’s fortunes. The site was first mined for about a decade from 1894 and then sporadically over the next century, before an underground mine was opened in 2006. “The better gold mines reveal themselves over time,” said Sydney-based Baker, a manager of the BakerSteel Precious Metal Fund, which holds about $450 million of assets, including Kirkland shares. Fosterville has shown “that it is actually a fantastic jewelry box, and one that’s only getting better,” he said.When valuing projects, miners estimate both the volume of remaining metal at an operation that’s economic to extract — the asset’s reserves — and the grade of the material, the amount of precious metal contained in each ton of excavated rock.Fosterville’s reserve grade, which had hovered at around 5 grams of gold per ton, began to rise through 2014 and 2015, and then surged from the end of 2016, when Kirkland completed about a C$1 billion ($756 million) acquisition of the site’s previous owner.At the end of last year, that grade was estimated at 31 grams a ton, among the highest in the world, and probably bettered only by Sumitomo Metal Mining Co.’s Hishikari operation in Japan, according to Quinton Hennigh, a veteran gold executive and geologist who helped to review the Australian site before Kirkland’s 2016 deal.Improved grades have helped boost output to a record and spurred profits along with a rising gold price. Kirkland’s earnings from the operation more than doubled in the first half of 2019, according to a July filing.Toronto-based Kirkland, which also operates mines in Canada, is growing confident it can unlock further high-grade zones underground at Fosterville, and already has had encouraging results close to the current mining area and as far as about four kilometers away.“There’s something more broad and pervasive at play,” Ian Holland, Kirkland’s vice president for Australian operations said in an interview at the site. “Significant drilling programs will unlock that over time, that’s the truly exciting piece.”Others projects are also offering glimpses of potential. Gold Exploration Victoria Pty, a unit of Rinehart’s Hancock Prospecting Pty, is partnering with explorer Catalyst Metals Ltd. on exploration around Bendigo that has shown early indications of high-grade gold finds.Two historic mines in Victoria have resumed production since 2018, while Newmont has applied for an exploration tenement in the state, the company said in an emailed statement. Before the end of the year, Victoria’s government will launch an international tender for newly released exploration ground with similar geology to Fosterville, Minister for Resources Jaclyn Symes said.Modern exploration techniques — like airborne electromagnetics and geochemistry — are helping miners globally to locate troves of metals buried deeper underground, and often beneath the cover of other rocks.In the U.S., Nevada Exploration Inc. is using techniques including the sampling of groundwater to locate new gold deposits in a heartland of production. Companies including Australia’s Newcrest Mining Ltd. are also combing back over historic regions in Nevada.Other established mining centers in the U.S. and Western Australia hold similar potential to deliver more gold from deeper underground, according to Hennigh, president of Novo Resources Corp. “There are certain gold camps that I see, where there are the telltale signs of there being a heck of a lot more,” he said. “There will be more discoveries without question.” To contact the author of this story: David Stringer in Melbourne at email@example.comTo contact the editor responsible for this story: Alexander Kwiatkowski at firstname.lastname@example.org, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
VANCOUVER, Canada, Sept. 9, 2019 /CNW/ -- Surge Exploration Inc. ("the Company" or "Surge") (TSXV: SUR) (OTC: SURJF) (FRA: DJ5C) announces that it has recently acquired 100% interest ...
In the battle of the gold heavyweights, does Barrick Gold Corp. (TSX:ABX)(NYSE:GOLD) or Newmont Goldcorp Corp. (TSX:NGT)(NYSE:NEM) come out on top?
Newmont Goldcorp (NEM) to employ the net proceeds from the offering of $700 million of 2.8% senior notes due 2029 to repay its outstanding 5.125% senior notes due Oct 1, 2019.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (formerly known as Newmont Mining Corporation) (“Newmont Goldcorp” or the “Company”) announced today the pricing of its public offering of $700 million aggregate principal amount of 2.800% senior notes due 2029 (the “Notes”). The offering is being made pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission. The Notes will be senior unsecured obligations of the Company and will rank equally with the Company’s existing and future unsecured senior debt and senior to the Company’s future subordinated debt.
Sep.17 -- Tom Palmer, Newmont Goldcorp Corp. president and incoming chief executive officer, discusses the rally in gold prices and the outlook for the gold industry with Bloomberg's Vonnie Quinn and Guy Johnson on "Bloomberg Markets." (Video edited to remove incorrect graphic and corrects title of guest in description.)