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Newmont Mining

NEM is the second largest gold miner in the world, producing 5.27 mn ounces of gold in 2017. FY18 gold production guidance is currently 4.9-5.2 mn oz with an expected AISC of $950-$990/oz. NEM has significant operations in the United States, Australia, Peru, Ghana, and Suriname. For FY17 38% of NEM's production came from the US, 30% from Australia, 14% from Ghana, 9% from Peru, and 9% from Suriname. As of 12/31/17 NEM had 68.5 mn ounces of 2P gold reserves based on a gold price assumption of $1,200/oz, in line with last year's number. (29 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

Barrick/Newmont: Merging Nevada Gold Assets?

Worth Watching: 06 Nov 2018, 1:42 PM ET - Barrick/Newmont: According to Reuters, the two senior gold miners are in discussions to combine their Nevada operations. No details were provided. Notably, the companies were reportedly in talks on a merger in 2014 as well when gold prices plummet ..
Focused

NEM 3Q18: Guidance Revisions

Earnings Note: 25 Oct 2018, 10:16 PM ET - We examine NEM's 3Q18 results and take a look at some tweaks to its production and AISC guidance.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..
Focused

NEM 2Q18: Guidance Unchanged

Earnings Note: 30 Jul 2018, 2:00 PM ET - We take a look at Newmont's 2Q18 results. 

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
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NEM 1Q18: Strong Results, More of the Same

Earnings Note: 26 Apr 2018, 4:14 PM ET - It was another strong quarter for Newmont, while the company is also progressing with its organic growth projects.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

NEM 4Q17: Strong Results, Leading Dividend Yield

Earnings Note: 23 Feb 2018, 4:10 PM ET - We take a look at NEM's 4Q17 results and also look at its increasing focus on shareholder rewards.

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 

CREDITSIGHTS WEBCAST: EVs, Autos and Metals

Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Metals 2018 Outlook: Valuations Over Fundamentals

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We analyze the broad trends within the metals & mining sector, delve into sub-sector developments, and then examine name-specific recommendations.

Metals: Steel Section 232 Finally in Trump's Hands

Worth Watching: 12 Jan 2018, 12:06 PM ET - Metals: Commerce Department Secretary Wilbur Ross has finally delivered his much-anticipated Section 232 report on the impact of steel imports on U.S. national security to President Trump on Thursday, January 11th. The Commerce Department noted th ..
Focused

NEM: Improved 2018 Guidance

Worth Watching: 06 Dec 2017, 9:04 PM ET - NEM (Baa2/BBB) raised its gold production and lowered its unit cost forecast for next year during its 2017 Investor Day. The 2018 attributable gold production is expected to increase 4% or 200 koz from its prior guidance, which moves the forecast ..

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