Newmont (NEM) shares remain heavily out of favour with the market and are currently languishing at a 5 year low after releasing their quarterly earnings results. To us it looks like Newmont is trading at a strong level of support that dates back as far as 2016. The 64% plunge from its high set back in April 2022 is quite extreme indeed. Check out the chart below…
Newmont owns an incredible portfolio of 20 mines across the world with 10 of those having a tier 1 status – meaning they produce over 500,ooo oz of Gold per annum and have a minimum 10 year mine life. The overwhelming majority of Gold produced does come from their tier 1 mines, so Newmont has indicated it will be selling a number of their smaller mines to clean up the portfolio.
In 2024 Newmont is expecting to produce 6.9 million oz of Gold at a cost of $US1400/oz plus a juicy 152,000 tons of Copper at a cost of $7380/t. So as we are very bullish on Gold and ridiculous bullish on Copper we see this beaten up miner as offering investors a tremendous entry level.
Got Gold, Got Copper? No…. Well get into Newmont. Buy last sale $46.62