Latest news with #TomPalmer
Yahoo
17 hours ago
- Business
- Yahoo
Gold Glitters for Newmont as Stock Soars on Strong Earnings and Big Buyback
Shares of Newmont (NEM, Financials) jumped nearly 7% Friday after the gold miner posted a blowout second quarter, driven by a surge in gold prices and strong production. The stock is now up about 75% in 2025, making it one of this year's best performers. Warning! GuruFocus has detected 8 Warning Signs with NEM. The company delivered adjusted earnings of $1.43 per share, easily topping analyst forecasts. Revenue grew 20% year over year to $5.32 billion, boosted by a 26.5% increase in gold sales. Gold prices averaged $3,320 an ounce during the quarterup nearly $1,000 from a year ago. In short: Newmont is riding the gold wave better than most. CEO Tom Palmer said the company generated a record $1.7 billion in free cash flow last quarter while producing 1.5 million ounces of gold. This was one of our strongest quarters ever, he said. Newmont didn't just sit on that cashit announced a $3 billion stock buyback, signaling confidence in its balance sheet and long-term outlook. While gold was the star, sales of other metals like copper and silver declinedsomething Newmont seems okay with, given how well its core business is performing. Investors now see the miner as more than just a gold play. With inflation worries still simmering and demand for safe-haven assets rising, Newmont's cash generation and shareholder returns are turning heads. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Miner Newmont's Stock Pops as Higher Gold Prices Boost Earnings
Newmont (NEM) shares jumped Friday after the gold mining giant posted quarterly earnings that topped expectations, with a boost from soaring gold prices. It also announced a new share repurchase program. Shares were up close to 7% in recent trading, at their highest level in three years. With Friday's gains, the stock has added roughly three-quarters of its value in 2025. Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA Newmont reported second-quarter adjusted earnings per share of $1.43, above the consensus of analysts surveyed by Visible Alpha. Revenue was up 20.1% year-over-year to $5.32 billion, $59 million above estimates. Gold sales grew 26.5% to $4.58 billion, while copper, silver, lead, and zinc sales all declined. The company noted the average realized gold price during the period was $3,320 per ounce, $973 per ounce higher than a year ago. CEO Tom Palmer said Newmont put in a strong performance, 'producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion.' The company also announced another $3 billion in stock buybacks. Read the original article on Investopedia
Yahoo
4 days ago
- Business
- Yahoo
How the rescue of three workers trapped underground in B.C. mine unfolded
Three contractors were rescued late Thursday after more than 60 hours trapped underground at the Red Chris gold and copper mine in northern B.C. Here is a timeline of how the situation unfolded (all times Pacific): July 22, 2025, 6 a.m. Three contractors working for Hy-Tech Drilling begin work for the day at the mine. 7:47 a.m. The mine experiences the first of what officials call a "localized" ground fall. The three workers go to a refuge station and Newmont says the workers radio that they were safe. 10:30 a.m. A second, larger, fall takes place, cutting off communication. July 23, 2025, 10 a.m. B.C. Premier David Eby, speaking at a news conference in Ontario to mark the end of a premiers' meeting, announces the three workers are trapped. 11 a.m. Newmont Corp., the operator and majority owner of the mine, says the contractors were working more than 500 metres beyond the area affected by the first fall. It says the workers have enough air, water and food for an "extended stay." July 24, 2025, 6 a.m. Newmont says it has deployed drones to assess the conditions underground, and a pile of debris 20 to 30 metres long and seven to eight metres high is blocking access to the workers. It says a remote-controlled scoop is removing the debris. 2:30 p.m. Newmont CEO Tom Palmer says the company will conduct a "thorough and independent investigation" into what happened and share details with the rest of the industry. 4:40 p.m. Newmont holds a news conference where global safety chief Bernard Wessels says there is a "natural flow of air" to the area where the workers are trapped. He says drones have flown over the debris and have found a stable route to the refuge behind it. 6 p.m. Hy-Tech Drilling releases the names of the workers with permission from their families. They are Kevin Coumbs, Darien Maduke and Jesse Chubaty. 10:50 p.m. The men are safely brought to the surface after what Newmont calls a "carefully planned and meticulously executed rescue." This report by The Canadian Press was first published July 25, 2025. The Canadian Press
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
How the rescue of three workers trapped underground in B.C. mine unfolded
Three contractors were rescued late Thursday after more than 60 hours trapped underground at the Red Chris gold and copper mine in northern B.C. Here is a timeline of how the situation unfolded (all times Pacific): July 22, 2025, 6 a.m. Three contractors working for Hy-Tech Drilling begin work for the day at the mine. 7:47 a.m. The mine experiences the first of what officials call a 'localized' ground fall. The three workers go to a refuge station and Newmont says the workers radio that they were safe. 10:30 a.m. A second, larger, fall takes place, cutting off communication. July 23, 2025, 10 a.m. B.C. Premier David Eby, speaking at a news conference in Ontario to mark the end of a premiers' meeting, announces the three workers are trapped. 11 a.m. Newmont Corp., the operator and majority owner of the mine, says the contractors were working more than 500 metres beyond the area affected by the first fall. It says the workers have enough air, water and food for an 'extended stay.' July 24, 2025, 6 a.m. Newmont says it has deployed drones to assess the conditions underground, and a pile of debris 20 to 30 metres long and seven to eight metres high is blocking access to the workers. It says a remote-controlled scoop is removing the debris. 2:30 p.m. Newmont CEO Tom Palmer says the company will conduct a 'thorough and independent investigation' into what happened and share details with the rest of the industry. 4:40 p.m. Newmont holds a news conference where global safety chief Bernard Wessels says there is a 'natural flow of air' to the area where the workers are trapped. He says drones have flown over the debris and have found a stable route to the refuge behind it. Monday Mornings The latest local business news and a lookahead to the coming week. 6 p.m. Hy-Tech Drilling releases the names of the workers with permission from their families. They are Kevin Coumbs, Darien Maduke and Jesse Chubaty. 10:50 p.m. The men are safely brought to the surface after what Newmont calls a 'carefully planned and meticulously executed rescue.' This report by The Canadian Press was first published July 25, 2025.
Yahoo
4 days ago
- Business
- Yahoo
Newmont beats expectations as gold prices surge, reports record cash flow
-- Newmont Goldcorp Corp (NYSE:NEM) reported second-quarter earnings that exceeded analyst expectations on Thursday, driven by higher gold prices and strong operational performance. The world's largest gold miner saw its shares rise 2.6% following the announcement. The gold mining giant reported adjusted earnings of $1.43 per share for the second quarter, significantly beating the analyst consensus of $1.14. Revenue came in at $5.32 billion, surpassing estimates of $4.84 billion. Newmont produced approximately 1.5 million attributable gold ounces during the quarter while generating a record quarterly free cash flow of $1.7 billion. The company benefited from a substantial increase in the average realized gold price, which reached $3,320 per ounce in Q2, up from $2,944 in the first quarter. "Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio," said Tom Palmer, Newmont's Chief Executive Officer. The company's gold CAS (costs applicable to sales) decreased 1% to $1,215 per ounce on a co-product basis compared to the previous quarter, primarily due to lower direct operating costs following the sale of higher-cost, non-core assets. Gold AISC (all-in sustaining costs) decreased 4% to $1,593 per ounce. Newmont reported net income of $2.1 billion for the quarter, which included a $699 million gain on the sale of assets. The company has been actively divesting non-core assets, receiving approximately $2.5 billion in net cash proceeds year-to-date. The miner also announced an additional $3.0 billion share repurchase program and declared a quarterly dividend of $0.25 per share. Since the last earnings call, Newmont has returned $1.0 billion to shareholders through share repurchases and dividend payments. The company maintained its 2025 production guidance and ended the quarter with $6.2 billion in cash and $10.2 billion in total liquidity, while reducing debt by $372 million since the last earnings call. Related articles Newmont beats expectations as gold prices surge, reports record cash flow After soaring 149%, this stock is back in our AI's favor - & already +25% in July If Powell goes, does Fed trust go with him? Sign in to access your portfolio
