Newmont's Cadia Mine Rehabilitation to Take Five Weeks, 80% Capacity Expected
NEM has more than doubled off its 52-week low of $48.27.
Summary
Newmont announced that the rehabilitation of its Cadia Underground mine is projected to take approximately five weeks, after which the company anticipates a return to 80% operating capacity. This operational update provides new details following the company's recent report of record first-quarter earnings and an increased share repurchase authorization. The temporary reduction in operating capacity at a key mine for five weeks will impact Newmont's short-term production volumes and could influence future guidance, although the company has provided a clear timeline for recovery. Traders will monitor the progress of the rehabilitation and any subsequent updates on the mine's return to full capacity, as well as any revised production or cost guidance from Newmont.
At the time of this announcement, NEM was trading at $111.79 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $119.9B. The 52-week trading range was $48.27 to $134.88. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.