NEWMONT MINING CORP. $32 (www.newmont.com) earned $0.34 a share in the first quarter of 2016, down 26.1% from $0.46 a year earlier. Higher gold and copper production pushed up its operating costs and offset a 3.0% rise in revenue, to $2.03 billion from $1.97 billion. The company expects its gold production to rise from 5.0 million ounces in 2015 to as much as 5.3 million ounces as it opens new mines in 2016. Newmont’s outlook is positive. But like most gold stocks, it will need improved gold prices to justify its high p/e. It trades at 29.1 times its forecast 2016 earnings of $1.10 a share. Hold.