This firm offers you a great way to prosper from the likely rise of precious metal prices.
That’s because continuing economic uncertainty should boost demand for gold as an investment, especially if huge government stimulus spending globally spurs inflation and sends investors seeking gold as a “store of value.”
This stock has retreated from its recent all-time highs but we think it can regain those highs and move even higher.
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Best Canadian Mining Stocks TSX: Plus Gold Stocks, Canadian Diamond Mines and more.
NEWMONT CORP. (New York symbol NEM; www.newmont.com) gives you exposure to the world’s largest gold miner following Newmont’s April 2019 acquisition of Vancouver-based Goldcorp Inc. for $10 billion in cash and shares.
Newmont continues to expand its production following COVID-19 disruptions in early 2020.
Newmont now plans to move ahead with its Ahafo North gold project in Ghana.
The new mine should produce between 275,000 and 325,000 ounces of gold annually over its projected 13-year life. To put that in context, Newmont produced 1.45 million ounces of gold in the three months ended June 30, 2021.
The company expects to spend $750 million to $850 million on this project. It should begin operating in the second half of 2023. Ahafo North’s operating costs will range a reasonable $600 to $700 an ounce for the first five years.
Mining Stocks: Recent acquisition adds reserves and future production
Newmont has also completed its acquisition of the 85.1% of GT Gold Corp. (Toronto symbol GTT) that it did not already own.
GT Gold is developing the Tatogga property, in the Golden Triangle region in northwestern British Columbia. Newmont has other properties in this highly promising area, which cuts the risk of the purchase. They include Newmont’s 50% interest in the nearby Galore Creek property.
The company paid $325 million for the additional GT stake. To put that price in context, Newmont earned $670 million, or $0.83 a share, in the second quarter of 2021.
The company expects to produce 6.2 million ounces of gold in 2022, up from 6.0 million ounces in 2021. Over the next few years, as it completes expansion projects and opens new mines, production should range from 6.2 million to 6.8 million ounces annually.
Newmont also expects all-in costs of $1,050 per ounce in both 2021 and 2022. Those costs should improve to between $920 and $1,020 per ounce over the next few years.
The higher production and lower costs will give Newmont more cash to reward investors. The current annual dividend rate of $2.20 a share yields a solid 3.6%. As well, the company expected to repurchase $400 million of its shares in 2021, and still has $600 million remaining under that authorization. To put those figures in context, Newmont’s market cap is $48.6 billion.
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