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Newmont's (NEM) 5G Trial at Cadia Mine Shows Strong Results
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Newmont Corporation (NEM - Free Report) recently announced that it is expanding its use of next-generation 5G wireless networks to improve safety in underground mining following trial results from its Cadia mine in New South Wales, Australia. In February of last year, Newmont announced a 5G trial with Ericsson and Telstra Purple at its Cadia mine, which is one of the world's largest underground gold and copper mines.
Prior to the study, Cadia’s upload speeds were limited to 20-30 megabits per second (Mbps) when using Wi-Fi to operate autonomous equipment like ore loaders and remote-controlled mining machinery. When under load, their wireless connections were inconsistent and unpredictable. There was inadequate capacity to run the required number of machines in one area at the same time, especially given the volume of video upload involved and because automation safety stops were frequently triggered incorrectly due to network packet loss.
Newmont demonstrated the potential to reach upload rates of about 90 Mbps along access drives and declines throughout the underground complex, as well as 150 Mbps upload and 500 Mbps download on crucial extraction drives, using Ericsson Private 5G. Underground connections were discovered to be highly reliable and consistent, eliminating previous Wi-Fi restrictions and offering the steady performance required for remote control and autonomous mining equipment.
NEM will now utilize 5G to deploy more autonomous fleets such as drill rigs, graders and auto haul trucks as part of future mining operations, leveraging 5G's unique capacity and capability to facilitate and streamline operational capabilities while deploying additional safety systems such as radars and collision avoidance to improve overall mine safety systems.
Based on the trial, 5G now has a firm place in Newmont’s communications strategies for Cadia and its other Tier 1 underground and surface mines globally. NEM intends to expand the use of 5G networks across its global network of Tier 1 underground gold-copper mines.
Shares of Newmont have gained 20.9% over the past year against a 3.9% decline of its industry.
Image Source: Zacks Investment Research
Newmont, on its second-quarter call, said that it anticipates maintaining its expected gold production for 2024 at about 6.9 million ounces, with production expected to be second-half weighted. NEM also projects costs applicable to sales for gold at $1,050 per ounce and all-in-sustaining costs of $1,400 per ounce for 2024.
NEM currently carries a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 137.1% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.32 per share, indicating a year-over-year rise of 131.6%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 79.3% in the past year.
Agnico Eagle Mines currently carries a Zacks Rank #2 (Buy). AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. The company's shares have soared 54.1% in the past year.
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Newmont's (NEM) 5G Trial at Cadia Mine Shows Strong Results
Newmont Corporation (NEM - Free Report) recently announced that it is expanding its use of next-generation 5G wireless networks to improve safety in underground mining following trial results from its Cadia mine in New South Wales, Australia. In February of last year, Newmont announced a 5G trial with Ericsson and Telstra Purple at its Cadia mine, which is one of the world's largest underground gold and copper mines.
Prior to the study, Cadia’s upload speeds were limited to 20-30 megabits per second (Mbps) when using Wi-Fi to operate autonomous equipment like ore loaders and remote-controlled mining machinery. When under load, their wireless connections were inconsistent and unpredictable. There was inadequate capacity to run the required number of machines in one area at the same time, especially given the volume of video upload involved and because automation safety stops were frequently triggered incorrectly due to network packet loss.
Newmont demonstrated the potential to reach upload rates of about 90 Mbps along access drives and declines throughout the underground complex, as well as 150 Mbps upload and 500 Mbps download on crucial extraction drives, using Ericsson Private 5G. Underground connections were discovered to be highly reliable and consistent, eliminating previous Wi-Fi restrictions and offering the steady performance required for remote control and autonomous mining equipment.
NEM will now utilize 5G to deploy more autonomous fleets such as drill rigs, graders and auto haul trucks as part of future mining operations, leveraging 5G's unique capacity and capability to facilitate and streamline operational capabilities while deploying additional safety systems such as radars and collision avoidance to improve overall mine safety systems.
Based on the trial, 5G now has a firm place in Newmont’s communications strategies for Cadia and its other Tier 1 underground and surface mines globally. NEM intends to expand the use of 5G networks across its global network of Tier 1 underground gold-copper mines.
Shares of Newmont have gained 20.9% over the past year against a 3.9% decline of its industry.
Image Source: Zacks Investment Research
Newmont, on its second-quarter call, said that it anticipates maintaining its expected gold production for 2024 at about 6.9 million ounces, with production expected to be second-half weighted. NEM also projects costs applicable to sales for gold at $1,050 per ounce and all-in-sustaining costs of $1,400 per ounce for 2024.
Newmont Corporation Price and Consensus
Newmont Corporation price-consensus-chart | Newmont Corporation Quote
Zacks Rank & Other Key Picks
NEM currently carries a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 137.1% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.32 per share, indicating a year-over-year rise of 131.6%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 79.3% in the past year.
Agnico Eagle Mines currently carries a Zacks Rank #2 (Buy). AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. The company's shares have soared 54.1% in the past year.