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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.)
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced that the Ahafo Mill Expansion in Ghana achieved commercial production, on schedule and within budget for approximately $175 million. Combined with the Subika Underground, which was successfully completed in November 2018, the mill expansion is expected to increase Ahafo’s average annual gold production to between 550,000 and 650,000 ounces per year through 2024, while lowering life-of-mine processing costs. “The Ahafo Mill Expansion represents our third profitable project delivered on schedule and within budget in 2019, along with the Tanami Power project in Australia and the Borden mine in Canada,” said Tom Palmer, President and Chief Executive Officer.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) confirmed that the illegal blockade of the Peñasquito mine in Mexico was lifted yesterday. The Company continues to work closely with the federal and state governments toward a sustainable, long-term solution, and lifting of the blockade paves the way for the government-sponsored dialogue to resume. In order to protect people, assets, and the long-term viability of the mine, operations at Peñasquito had been safely suspended since the illegal blockade began on September 14.
Newmont Goldcorp Corporation today announced it will report third quarter 2019 operations and financial results before the market opens on Tuesday, November 5, 2019 and will hold a conference call at 11:00 a.m.
(Bloomberg) -- Tom Palmer took the helm at the world’s largest gold miner shortly after bullion had its longest streak of quarterly gains since 2011. Now investors are looking to partake of that windfall.But before shareholders get their piece of the pie, the new chief executive officer at Newmont Goldcorp Corp. will have to face the challenge of melding the assets from the recently completed mega-merger with Goldcorp Inc.Newmont’s shares have trailed its peers, even with gold’s meteoric rise that took the metal to a six-year high of $1,557.11 an ounce last month. The stock’s rally this year is just less than a third of the pace of gains posted by its closest rival Barrick Gold Corp., which also sealed a massive merger deal.“Tom has to bring in the Goldcorp assets and get them up operating to a level that they expected,” Joe Foster, a portfolio manager and strategist at VanEck, said in a telephone interview. With “gold prices at $1,500, this company is going to be generating a lot of cash. I hope shareholders would see the benefits of that, with higher share prices and increasing dividends.”Palmer, 52, inherited the baton from Gary Goldberg for a company saddled by growing pains as it integrates Goldcorp assets, including Red Lake -- the project with the highest production cost in Newmont’s portfolio. Those challenges dragged Newmont’s adjusted second-quarter profit to just about half of what analysts were expecting.“Our focus is to deliver value from our Goldcorp assets through proven methodologies,” Palmer said in a phone interview on Tuesday, his first day on the job. “Newmont has proved itself to be a successful turnaround story, so we’re going to extract value from our existing portfolio based upon that track record.”Newmont has cut costs by more than a third from their peak in 2013 through early 2016, helping the company navigate through the bear market in gold and putting it in a better position to reap the gains from the ensuing rally in bullion prices.“Essentially the portfolio is ready,” John Bridges, a New York-based research analyst at JPMorgan Chase & Co., said by phone. “All he has to do is to work through the cost-cutting at their existing operations and use the release of that cash to advance their various projects,” he said of Palmer, who spent two decades at Rio Tinto Group, the world’s second-largest mining company, before joining Newmont.Foster of VanEck, the fourth-largest Newmont shareholder, is confident Palmer will be a good CEO. “It’s going to be a smooth transition,” Foster said. The portfolio manager is hopeful the company will deliver “not just a token dividend but something substantial with a yield of 2% to 4%.”In his first interview since assuming the role of CEO, Palmer said the priority for excess cash will be to maintain capital allocation discipline. That means the first focus will be paying down debt, then funding projects, and finally increasing dividends.Palmer has also been easing back from a plan to sell off assets any time soon. While the company said it would try to sell Red Lake, a mine in Canada, the new CEO has previously said he’s in “no rush” to proceed with the divestment of as much $1.5 billion in assets announced earlier in the year. On Tuesday, he said he plans to maintain flexibility in future M&A.Palmer may pursue tag-on acquisitions to optimize the portfolio or acquisitions adjacent to land they want to develop, JPMorgan’s Bridges said.The new CEO has seen the cycles turn. Born in Broken Hill, an inland mining city in New South Wales, Australia, Palmer’s parents, grandparents and great grandparents all worked in the mining industry, according to a Newmont presentation. His daughter, a mining engineer, is set to join the industry next year.Palmer was named Newmont’s chief operating officer in May 2016. Since the Goldcorp merger, he has played a central role in leading the Goldcorp integration, Newmont said last month, as well as the establishment of a joint venture with Barrick in Nevada.“Global uncertainty has made even the generalist investors wanting to have some gold exposure,” Bridges said. “They’re not gold specialists, they just want companies that give them gold exposure and don’t keep them up at night.”\--With assistance from Aoyon Ashraf.To contact the reporters on this story: Vinicy Chan in New York at email@example.com;Steven Frank in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) today announced that the Borden mine near Chapleau, Ontario has achieved commercial production safely, on schedule and within budget.
Sydney, Australia, Sep 30, 2019 - (ABN Newswire) - Nova Minerals Ltd (ASX:NVA) (HAM:QM3) (OTCMKTS:QTRPF) is an exploration company based in Australia and listed on the Australian Stock Exchange and the ...
THUNDER BAY, ON, Sept. 27, 2019 /CNW/ - Premier Gold Mines Limited (TSX:PG.TO - News) (OTCPK:PIRGF - News) ("Premier", "the Company") is pleased to announce that processing of ore has commenced from the El Nino Mine at the Company's 40%-owned South Arturo Mine. South Arturo is located in the Carlin Trend, Nevada and is a joint venture between Premier and Nevada Gold Mines ("Nevada Gold"), a joint venture company owned by Barrick Gold Inc. (TSX:ABX.TO - News) and Newmont-Goldcorp (NYSE:NEM - News) with Barrick Gold Inc as operator. The El Nino mine was developed on-time and on-budget, with ore now being processed ahead of schedule. Gold production is expected to ramp up in H2-2019, with a first gold bar pour having been held on September 26, 2019 (see figure 2).
Newmont Goldcorp Corporation (NYSE: NEM, TSX: NGT) (Newmont Goldcorp or the Company) and dignitaries from across Ontario inaugurated the Borden Gold Project (Borden), Ontario’s ‘mine of the future.’ The 100 percent owned Borden mine is located near Chapleau, Ontario and features state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon energy vehicles – all anchored in a mutually beneficial partnership with local communities. Borden is expected to achieve commercial production in the fourth quarter of this year.
(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 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, 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 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, 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 firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, 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.
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.