Morningstar

Morningstar, Inc.

Equity Bottom-Up

Newmont’s last quarter before consummating the acquisition of Goldcorp had few surprises. The company produced roughly 1.2 million ounces of gold during the quarter, which is in line with last year’s first quarter. All-in sustaining costs of $907 per ounce were about 4% lower year over year. The company maintained its full-year guidance of 5.2 million attributable gold ounces at all-in sustaining costs of $935 per ounce, which do not include the impact of the Goldcorp acquisition or the Nevada…

On April 18, Newmont completed its acquisition of Goldcorp, creating Newmont Goldcorp, the world’s largest gold company. We fully anticipated the merger to be consummated as announced, especially after Newmont and Barrick agreed to the Nevada joint venture that brought Barrick’s unsolicited bid of Newmont to an end. Our forecasts are unchanged, so we maintain our fair value estimate of $40 per share and our no-moat rating. Considering the company’s very high uncertainty rating, we see limited…

<p>A pipeline of development projects should partially offset the decline at some older mines while improving Newmont's cost profile.Nevada is an important piece of Newmont's portfolio, with nearly 20 mines operating in close proximity. This allows the mines to share facilities that employ a variety of processing methods to maximize recovery. In addition, brownfield investments can leverage nearby operations, lowering potential capital costs. Its decision to enter these assets into a joint venture…</p>

<p>Following Newmont’s rejection of Barrick’s unsolicited acquisition and proposed alternative for a joint venture of their Nevada assets on March 4, the two senior gold producers formally agreed to and announced their joint venture agreement. Based on consensus net asset values for the contributed assets, Barrick will own 61.5% of the joint venture while Newmont will own 38.5%. The difference in ownership from Newmont’s initially proposed ownership split of 55% Barrick and 45% Newmont stems from…</p>

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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