NEM - Newmont: Recent M&A Pushes Reserves To Record Highs
2024-06-02 00:31:45 ET
Summary
- Newmont Mining released its year-end reserve update, reporting reserves of 135.9 million ounces of gold and 30.1 billion pounds of copper.
- Overall, reserve replacement was satisfactory, with net negative revisions and limited additions from resource conversion offset by significant ounces added from the Newcrest deal.
- In this update, we’ll dig into Newmont’s year-end reserve update, how its gold reserves and grades stack up vs. other producers and its track record of reserve growth per share.
The Q1 Earnings Season for the Gold Miners Index ( GDX ) has passed and all eyes are on the Q2 results that will start getting reported in late July. Overall, the Q1 results were solid across the board with the bulk of producers reporting margin expansion and set to see further margin expansion in Q2. However, even more important than the Q1 and FY2023 results were each company’s recently released year-end resource/reserve statements. These updates provide a glimpse into how each producer is doing regarding replacing their mined depletion each year and how reserves per share are trending.
One of the first companies to release its resource/reserve update was Newmont Corporation ( NEM ) the world’s largest gold company, and a significant copper producer after its recent acquisition of Newcrest Mining. In this update, we’ll dig into Newmont’s year-end reserve update, how its gold reserves and grades stack up vs. other producers and its track record of reserve growth per share vs. peers....
Newmont: Recent M&A Pushes Reserves To Record Highs