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NEM

Newmont Mining

$38.62

-0.67 (-1.71%)

11:01
10/03/16
10/03
11:01
10/03/16
11:01

Newmont says brings Merian into commercial production on time, below budget

Newmont Mining said it has completed construction of the Merian gold mine in Suriname on time and more than $150M or nearly 20% below its initial development capital budget. First gold was poured and Newmont declared commercial production on October 1, having achieved sustained average mill throughput of 80% and gold recovery of more than 90% over the last 30 days. Stockpiled ore represents nearly 160,000 contained ounces of gold. Merian contains gold reserves of 5.1 million ounces and annual production is expected to average between 400,000 and 500,000 ounces of gold at competitive costs in the first five full years of production. Costs are expected to be among the lowest in the portfolio, averaging between $575 and $675 per ounce in costs applicable to sales and between $650 and $750 per ounce in all-in sustaining costs in the first five years. Exploration has extended mine life from 11 to 13 years, and continues to identify further upside potential within Newmont's 500,000 hectare Area of Interest, including a new discovery at Sabajo. The government of Suriname exercised its option to participate in a fully-funded 25% equity ownership stake in Merian in November 2013. Suriname manages its participation through Staatsolie, a Surinamese corporation that is wholly owned by the government. Merian will operate under the banner of Newmont Suriname and be managed as part of Newmont's South America region in accordance with leading safety, technical, social and environmental standards.

  • 27

    Oct

NEM Newmont Mining
$38.62

-0.67 (-1.71%)

08/09/16
MSCO
08/09/16
INITIATION
Target $41
MSCO
Equal Weight
Newmont Mining initiated with an Equal Weight at Morgan Stanley
Target $41.
08/02/16
SBSH
08/02/16
INITIATION
Target $51
SBSH
Buy
Newmont Mining initiated with a Buy at Citi
Citi analyst Alexander Hacking started Newmont Mining with a Buy rating and $51 price target.
06/02/16
JEFF
06/02/16
DOWNGRADE
Target $33
JEFF
Hold
Newmont Mining downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher LaFemina downgraded Newmont Mining to Hold citing valuation, near-term gold price risk, potential U.S. interest rate increase headwinds and a lack of positive catalysts. The analyst lowered his price target for the shares to $33 from $38.
05/11/16
GSCO
05/11/16
UPGRADE
Target $36
GSCO
Buy
Newmont Mining upgraded to Buy from Neutral at Goldman
Goldman analysts led by Andrew Quail upgraded Newmont Mining to Buy and raised his price target to $36 from $23.30. The analyst said Merian organic growth is now less than 6 months away and there is a possible Indonesia asset sale on the horizon. Quail believes Newmont is well positioned to outperform given his revised gold price deck that was lifted by 10-15% over the next three years, and for 2017, raised the average to $1,150/oz from $1,000/oz.

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WMT

Wal-Mart

$70.88

0.21 (0.30%)

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GMED

Globus Medical

$21.89

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Celanese

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AIXG

Aixtron

$3.97

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CX

CEMEX

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SRNE

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MBRX

Moleculin Biotech

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  • 06

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NEOG

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RRC

Range Resources

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EOG

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HMST

HomeStreet

$29.35

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, UMBF

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UMBF

UMB Financial

$77.00

-0.43 (-0.56%)

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Ingram Micro

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GMED

Globus Medical

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