Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, October 13, 2023

Article Excerpt

NEWMONT CORP., $39.43, New York symbol NEM, remains a buy for your long-term growth and as a hedge against inflation. The company 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. Newmont has re-opened its Penasquito mine in Mexico after the union representing its workers agreed to a new four-year contract. That ended a four-month long strike. In 2022, this mine accounted for 18% of the company’s total revenue of $11.92 billion. Meantime, Newmont continues to move ahead with its deal to acquire Newcrest Mining Ltd. (Toronto symbol NCM, and Over-the-counter Pink Sheets symbol NCMGF), which operates gold mines in Australia, Canada and Papua New Guinea. Newcrest shareholders will receive 0.40 of a Newmont common share. That would give them roughly 31% of the combined company. As well, Newcrest would pay its shareholders a special dividend of up to $1.10 a share. Based on current share…