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Newmont (NEM) Wraps Up Acquisition of GT Gold, Boosts Portfolio
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Newmont Corporation (NEM - Free Report) announced the completion of the GT Gold Corp acquisition through which Newmont purchased the remaining 85.1% of common shares.
The acquisition includes the Tatogga project, which mainly comprises the Saddle North deposit. The Saddle North deposit has the potential to contribute to significant gold and copper annual production in future. Also, there are further exploration opportunities beyond the known deposits at Saddle North within the land package.
The Tatogga project is an addition to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont strengthens its portfolio with the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, the company stated.
Newmont also noted that it will partner with the Tahltan Nation and the government of British Columbia to ensure a shared path forward, as it acknowledges that Tahltan consent is necessary for advancing the Tatogga project.
Shares of Newmont have gained 10.7% in the past year compared with 56.1% rise of the industry.
Newmont, in its last earnings call, stated that for 2021 it expects attributable gold production of 6.5 million ounces. The company also expects gold cost applicable to sales (CAS) to be $750 per ounce and all-in sustaining costs (AISC) to be $970 per ounce.
Newmont also expects an increase in gold production and is undertaking investments in its operating assets and other growth prospects. Its development projects, Ahafo North and Yanacocha Sulfides, are expected to reach execution stage in 2021. Other development projects that have not reached execution stage reflect upside to guidance.
Some better-ranked stocks in the basic materials space are Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Cabot Corporation (CBT - Free Report) .
Dow has a projected earnings growth rate of roughly 261.5% for the current year. The company’s shares have surged 93% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Celanese has an expected earnings growth rate of around 68.3% for the current year. The company’s shares have gained 101.5% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have gained 92% in the past year. It currently flaunts a Zacks Rank #1.
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Newmont (NEM) Wraps Up Acquisition of GT Gold, Boosts Portfolio
Newmont Corporation (NEM - Free Report) announced the completion of the GT Gold Corp acquisition through which Newmont purchased the remaining 85.1% of common shares.
The acquisition includes the Tatogga project, which mainly comprises the Saddle North deposit. The Saddle North deposit has the potential to contribute to significant gold and copper annual production in future. Also, there are further exploration opportunities beyond the known deposits at Saddle North within the land package.
The Tatogga project is an addition to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont strengthens its portfolio with the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, the company stated.
Newmont also noted that it will partner with the Tahltan Nation and the government of British Columbia to ensure a shared path forward, as it acknowledges that Tahltan consent is necessary for advancing the Tatogga project.
Shares of Newmont have gained 10.7% in the past year compared with 56.1% rise of the industry.
Newmont, in its last earnings call, stated that for 2021 it expects attributable gold production of 6.5 million ounces. The company also expects gold cost applicable to sales (CAS) to be $750 per ounce and all-in sustaining costs (AISC) to be $970 per ounce.
Newmont also expects an increase in gold production and is undertaking investments in its operating assets and other growth prospects. Its development projects, Ahafo North and Yanacocha Sulfides, are expected to reach execution stage in 2021. Other development projects that have not reached execution stage reflect upside to guidance.
Newmont Corporation Price and Consensus
Newmont Corporation price-consensus-chart | Newmont Corporation Quote
Zacks Rank & Key Picks
Newmont currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Cabot Corporation (CBT - Free Report) .
Dow has a projected earnings growth rate of roughly 261.5% for the current year. The company’s shares have surged 93% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Celanese has an expected earnings growth rate of around 68.3% for the current year. The company’s shares have gained 101.5% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have gained 92% in the past year. It currently flaunts a Zacks Rank #1.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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