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- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
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- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
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2016
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(626)
- India to become second largest smartphone market b...
- Researchers develop a mobile app that lets visuall...
- Facebook usage over Tor surpasses one million mont...
- Free Wi-Fi content on trains and buses; this is ho...
- China ban on Apple services is a challenge for key...
- Android N Developer Preview moves beyond Nexus dev...
- Apple may be exempted from local sourcing norms fo...
- Acer Liquid Zest Plus announced with massive 5,000...
- US Justice Department withdraws NY iPhone unlockin...
- Microsoft, Google agree to withdraw regulatory com...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Biogen Inc Earnings Explode Higher, Revenue Not So...
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
- Why Did Southwestern Energy Take Out a $1.5 Billio...
- GE Earnings: Another Quarter of Tough Conditions
- Is VR too dangerous for kids? We asked the experts
- Don’t let the kids have all the fun, ace Snapchat ...
- Use only clean energy with the flip of a switch th...
- The NHTSA is using Twitter to personally call out ...
- iPhone running low on memory? SanDisk's iXpand Fla...
- MTV Cribs is making a comeback … on Snapchat
- What’s new on Netflix and what’s leaving in May 2016
- Eizo Foris FS2735 review
- New trailer for Woody Allen's Cafe Society feature...
- Art imitating life: 7 great crime movies based on ...
- id Software responds to PC gamers' complaints abou...
- Big sound, small package: Here’s our 9 favorite so...
- Relive the horror and the glory of the top ten Gam...
- China’s National Space Administration just announc...
- Scared of zombies? Inkas’ upgraded Sentry APC will...
- Ingenious Brazilian billboards use fake sweat to a...
- Close that torrent! Here’s how to legally watch Ga...
- UCI scientists stumble upon the key to never-endin...
- Zotac teases tether-free VR gaming using a Zbox mi...
- Two weeks on the road with digital ear plugs made ...
- A swing and a miss: ten car brands that didn’t mak...
- Prince’s autopsy is complete, but official results...
- There's nothing subtle about MSI's new Aegis gamin...
- How the DMCA silences cybersecurity experts, and m...
- Trends with Benefits: Celebrating TechfestNW and n...
- Legless duck walks again with 3D printed prostheti...
- Deal alert! The Alcatel POP 7 LTE has Android 6.0 ...
- Crispy Rice Cooker lets you push a button and walk...
- Between the Streams: Game of Thrones preview, Jaso...
- Where is sensitive cloud data physically stored? M...
- DoT wing issues notification to liberalise CDMA sp...
- Soon dial mobile numbers from WhatsApp, Skype as D...
- Does the IRS Know If I Cashed Out a 401(k)?
- Surprise! Halliburton Company Pre-Announces Q1 Res...
- How Microsoft Won the Buyback Game
- What Happens to Stock Prices After Exiting Bankrup...
- Apple Inc's WWDC 2016: 3 Important Product Moves t...
- Can You Deduct a Fund's Expense Ratio?
- LinkedIn's College Student App Has Huge Profit Pot...
- This Research Report Is Horrible News for Apple
- Americans Spend Twice As Much Time on the Mobile I...
- Starbucks Corporation and Boston Beer Sink on Flat...
- Danger Lurks for These 2 High-Yield Dividend Stocks
- What Investors Might Have Missed in the Stock Mark...
- Is Big Lots a Big Buy?
- Why Microsoft, Hawaiian Holdings, and Tempur-Sealy...
- 1 Reason Wells Fargo Makes So Much Money
- Why Advanced Micro Devices, Southwestern Energy, a...
- Why Hawaiian Holdings, Inc. Stock Plummeted Today
- Facebook, Inc. Earnings: 3 Questions for Mark Zuck...
- BJ's Restaurants, Inc. Stock Up Big on Earnings: K...
- Better Buy: TransEnterix or Intuitive Surgical
- After Earnings, Is IBM a Buy?
- Has IPG Photonics Stock Gotten Ahead of Its Earnin...
- A Smart Strategy for Claiming Social Security At 62
- 3 Reasons Why the Apple Car May Fail
- What to Watch When Westinghouse Air Brake Technolo...
- Starbucks Corporation Earnings: 10 Reasons Results...
- BSNL 20GB 3G data offer for Rs 50 could help win n...
- Why Sarepta Therapeutics Inc. Is Bouncing Back Today
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Apple Watch 2 fans have a happy news here: At last, the brand has opened the box and confirmed its launch date which will be during the Worl...
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As the Zika virus continues to plague South America, two Brazilian companies have designed a small billboard sign that traps and kills the c...
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Verity Milligan tells how her evolution as a photographer has been aided by people she found on Instagram. In 2012 I moved to Birmingham and...
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Written by Amrita Dutta | Updated: April 22, 2016 6:25 pm Among Juggernauts’ first re...
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Qualcomm on Wednesday posted sales and earnings ahead of what many analysts were expecting amid strength in both its chip and licensing busi...
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BENGALURU: Global professional services company Accenture on Thursday said it opened a cyber centre here to expand its global security p...
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By: Reuters | Published:April 22, 2016 1:38 pm Google’s parent company Alphabet missed its firs...
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Great news for Motorola fans, as the next couple of months will probably belong to the US handset maker. Even though it’s one of the fe...
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By: PTI | Washington | Updated: April 22, 2016 2:04 pm The Hubble was launched into the Earth o...
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That $50 tablet Amazon introduced not too long ago is coming in several new colors starting this week. Amazon calls the Amazon Fire the comp...
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Gold and copper miner Newmont Mining (NYSE:NEM) surprised the market Wednesday by reporting higher sales and profits than Wall Street anticipated, but as metal prices remain below where they were a year ago (despite their recent rally), they still dragged the miner's performance down.
Metric | Q1 2016 | Q1 2015 | % Chg. |
---|---|---|---|
Revenue | $2.03 billion | $1.97 billion | 3% |
Adjusted earnings per share | $0.34 | $0.46 | (26.1%) |
Newmont reported average realized gold prices were $1,194 per ounce, down less than 1% from the $1,203 per-ounce price realized a year ago, while copper was down almost 14% to $2.02 per pound, compared with $2.34 a pound a year earlier.
Importantly, though, despite having forecast that its all-in sustaining costs for gold were going to creep higher in 2016, for the first quarter anyway, the company was still able to lower average AISC to $828 per ounce compared to $849 per ounce last year, despite significant cost increases at its mature Yanacocha project in Peru. Newmont still expects AISC to rise to as much as $940 per ounce this year and as much as $950 per ounce in 2017, but the bottom end of its forecast range could see costs improve to as low as $850 per ounce. It anticipates costs to remain below $1,000 per ounce in 2018.
The higher revenue Newmont Mining notched this quarter was due to a combination of factors, including greater sales of copper from its Indonesian operations at Batu Hijau, where it sold 142 million pounds of copper this quarter compared to 104 million a year ago. Similarly, gold sales were higher in the period, pushed up by higher sales out of its Asia-Pacific projects even though they fell elsewhere. Sales jumped from its Boddington mine in Australia and more than doubled out of Batu Hijau.
Production was also higher this quarter than last year's, and coupled with lower capital expenditures and better performance from projects in Australia and Asia, Newmont was able to beat expectations. Shares of the gold and copper miner were running 4.5% higher in midday trading.
The enhanced performance Newmont Mining saw in Indonesia comes as the miner considers how to proceed in the region. It and fellow miner Freeport-McMoRan (NYSE:FCX) have clashed over the past few years as the government imposed new export requirements and usurious taxes in violation of existing contracts of work the two had in place. Newmont had its export license suspended over the conflict, but was able to get it restored, which undoubtedly helped its efforts this quarter.
Yet it's mulled whether it should sell its assets there, and there's talk of a consortium of investors that may be interested in offering as much as $3 billion for its Indonesian operations. That may be a lowball bid, though, but better than potential confiscation by the Indonesian government.
Newmont, however, is buoyed by the current improved outlook for China's economy. Much of the crash in commodity prices that we've witnessed was a result of expectations there would be a much harder landing in China, but more recently that's been revised upwards, helping to bolster pricing. Copper, which is much more of an industrial metal than gold, and so is seen as an indicator of potential economic growth, has swayed with the fluctuating opinion.
There's still much debate whether the current rally being seen across all metals and minerals is sustainable, with many analysts expecting pricing to plunge once more in the back half of the year, but for the moment they're rising sharply. Copper itself is trading at almost $2.25 per pound, a three-week high, and up some 4% so far this year.
One potential risk factor is the new disclosure that the company is under investigation by the Securities and Exchange Commission and the Justice Dept. for violations of the U.S. Foreign Corrupt Practices Act, which often deals with instances of bribery involving foreign governments. No other details have been provided, so it will remain something investors need to watch.
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Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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