Newmont, the world’s biggest gold miner offers investors a unique “flight to quality” opportunity within the volatile precious-metals sector. As the largest gold producer globally, it provides unparalleled scale and geographic diversification, which significantly lowers the geopolitical and operational risk compared to smaller, single-asset miners.
Furthermore, the firm’s financial discipline stands out. The company is aggressively using its strong free cash flow to pay down the debt while maintaining a reliable dividend. It offers investors both a hedge against inflation and the operational leverage of a world-class operator.
Meanwhile the stock trades at just 10.0 times the company’s forward earnings forecast. That multiple is justified by the company’s expanded Tier 1 asset base, the longevity of its reserves (averaging over 20 years) and the expectation that the company will successfully harvest the synergies from its recent acquisitions while benefiting from sustained high gold prices.
NEWMONT CORP. (New York symbol NEM; www.newmont.com) is the world’s largest gold miner, with major mines in North America, South America, Australia, and Africa. In addition to gold, it also produces copper, silver, lead and zinc.
In November 2023, Newmont made its biggest acquisition to date when it bought Newcrest Mining Ltd. (Toronto symbol NCM) for about $16.6 billion.
Newcrest operated gold mines in Australia, Canada and Papua New Guinea. These included the Brucejack mine and Red Chris mines in British Columbia; the Cadia, Havieron and Telfer mines in Western Australia; and the Lihar and Wafi-Golpu mines in Papua New Guinea.
Meanwhile, Newmont has now completed its plan to sell several of its less important mines and smaller projects. That includes the 2024 sale of several properties in Australia, including the Telfer (100% owned) and Havieron (70% owned) gold-copper mines, for proceeds of $475 million. In March 2025, Newmont completed the sale of three more of non-core properties: the Musselwhite and Éléonore operations in Canada and the Cripple Creek & Victor operation in Colorado. The total proceeds for those mines were $1.7 billion.
In April 2025, Newmont completed the sale of its Akyem gold mine in Ghana and the Porcupine mine in Ontario for a total of $850 million. With the sales of those two developments, the company completed the divestiture program it announced in February 2024.
Newmont also recently sold its stake in the Coffee gold project in Yukon, Canada to Fuerte Metals Corp. (Toronto Venture symbol FMT). In exchange, it received $10 million in cash, $40 million in equity in Fuerte (27% ownership) and up to $100 million in future royalties.
With that sale, the company has now completed its plan to sell its smaller mines and investments so it can focus on its 10 top-tier mines in North America, South America, Australia, Papua New Guinea and Ghana.
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Newmont’s sharper focus just adds to this stock’s appeal
We see Newmont’s outlook attractive, particularly now that it has completed its plan to sell less-important mines to focus on its key properties.
We feel the stock can move higher given its secure output. In fact, the company recently began operations at its Ahafo North gold mine in Ghana. That should add between 275,000 and
325,000 ounces to Newmont’s annual output of 5.9 million ounces.
The company will also benefit from increasing production of silver, lead and zinc at its Penasquito gold mine in Mexico.
In 2026, earnings will probably rise a whopping 37% to $9.44 a share, and the stock trades at 10.0 times that forecast. That’s an attractive multiple considering most of the company’s mines are in politically stable countries. The company also raised its quarterly dividend by 4.0% in March and now yields 1.1%.
Recommendation in Canadian Wealth Advisor: Newmont Corp. is a buy.
