Newmont’s Operations Hit a Bump in the Road in the Third Quarter; Shares Still Overvalued
Newmont reported a somewhat disappointing third quarter, ending what had been a streak of rising production and falling costs. Production was relatively flat at 1.230 billion attributable gold ounces, while all-in sustaining costs, or AISC, rose 5% to $925 per ounce. Inventory adjustments at Yanacocha and Ahafo were the primary driver of the rise in production costs. Nevertheless, full-year production and cost guidance did not change materially, leaving our $23 fair value estimate and no-moat ra...Newmont is primarily a gold producer with operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia and Ghana. The company is also engaged in the production of copper, silver, lead and zinc. The company's operations are organized in five geographic regions; North America, South America, Australia, Africa and Nevada.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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