NEWMONT MINING CORP. $61 (New York symbol NEM; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 493.1 million; Market cap: $30.1 billion; Price-to-sales ratio: 3.2; Dividend yield: 1.0%; TSINetwork Rating: Average; www.newmont.com) is one of the world’s largest gold-mining companies. Newmont has major mines in the U.S., Australia and Peru.
Gold accounts for about 85% of Newmont’s revenue. The remaining 15% comes from copper, zinc and other metals. Most of Newmont’s copper comes from its 35.4% stake in the large Batu Hijau mining complex in Indonesia.
Gold has jumped 35%, from $1,062 an ounce in February 2010 to a new all-time high of $1,433 in December 2010. Newmont prefers to sell its gold at the market price instead of through long-term hedging contracts that lock in prices. This policy has helped it take full advantage of rising gold prices.
In the three months ended September 30, 2010, Newmont’s revenue rose 26.7% to a record $2.6 billion from $2.05 billion a year earlier. Excluding gains on property sales, earnings per share rose 36.7%, to $1.08 from $0.79. Cash flow per share rose 29.6%, to $2.41 from $1.86.
Newmont achieved these gains despite an 18% rise in its cost per ounce of gold produced.
The company had to pay higher royalties. As well, the negative impacts of a stronger Australian dollar, start-up costs its Boddington gold mine in Australia and lower production in South America added to its production costs.
The stock trades at 16.1 times Newmont’s projected 2010 earnings of $3.80 a share, and 7.7 times its likely cash flow per share of $7.90.
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