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Newmont Mining Corp. Shares Rise 3.39% as Gold Prices Rally

Strategic Insights

— 1 min read

Newmont Mining Corp.'s shares closed in the green by 3.39% to $22.87 on Wednesday afternoon, mirroring the surge in gold prices following the Federal Reserve's statement. MarketWatch reports that the Fed dropped the word "patient" from its interest rate guidance, indicating a potential delay in the first rate hike until September. Additionally, Newmont Mining received an extended six-month Indonesian copper export permit, as the company assured it would build a smelter with Freeport-McMoRan Inc. TheStreet Ratings team rates Newmont Mining Corp. as a Hold, citing mixed performance and reasonable valuation levels.

Key Takeaways:

  • Newmont Mining Corp.'s shares rose by 3.39% to $22.87 on Wednesday afternoon, following the rally in gold prices.
  • Gold prices gained 2.09% to $1,172.20 per ounce on the COMEX.
  • The Federal Reserve's statement dropping the word "patient" from its interest rate guidance potentially delays the first rate hike until September.
  • Newmont Mining received an extended six-month Indonesian copper export permit after giving assurances on building a smelter with Freeport-McMoRan Inc.
  • TheStreet Ratings team rates Newmont Mining Corp. as a Hold, citing impressive earnings per share growth, compelling growth in net income, and reasonable valuation levels.
  • The company's earnings per share growth and net income growth have significantly exceeded industry averages.
  • Newmont Mining Corp.'s debt-to-equity ratio is somewhat low but high compared to the industry average.
  • The company's quick ratio is sturdy at 1.40.

Statistics:

  • Newmont Mining Corp.'s shares rose by 3.39% to $22.87.
  • Gold prices gained 2.09% to $1,172.20 per ounce.
  • The Federal Reserve's interest rate guidance indicates a potentially delayed first rate hike until September.
  • Newmont Mining Corp.'s Indonesian copper export permit has been extended for six months.
  • TheStreet Ratings team rates Newmont Mining Corp. as a Hold.

Sources:

  • MarketWatch
  • TheStreet
  • Reuters
  • TheStreet Ratings Report: NEM Ratings Report (http://secure2.thestreet.com/cap/prm.do?OID=023499&ticker=NEM)
  • Newmont Mining Corp.'s report as mentioned in the original text.

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