Newmont Goldcorp Corporation
Newmont Goldcorp Corporation
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Leading world gold producer Newmont Corp plans to lift its qtrly dividend 79% to $US0.25ps, or an expected $1ps pa, effective on approval of the 1st qtr dividend in April 2020.
The company also plans to continue its recently announced stock repurchase program for up to $1B of common equity. For the Dec 31, 2019, qtr Newmont has used the repurchase program to retire 12.4M shares, totalling $506M. Altogether, Newmont returned $1.4B to shareholders in 2019.
World leading gold company Newmont Goldcorp has met its $US1B- $1.5B divestiture target with more than $1.4B in cash proceeds expected to be received in the 1st qtr 2020.
The conclusion of the $800M sale of Western Australia’s big super pit gold project has taken Newmont to the top of its 2019 $1.5B cash target
The final condition for Northern Star Resources’ $US800M acquisition of 50% of the Super Pit gold mine at Kalgoorlie, Western Australia, has been achieved with the successful completion of NSR’s heavily over-subscribed, $A765M, fully underwritten institutional placement of 85M shares at $9ps.
The acquisition from Newmont Goldcorp was for $US775M and additional associated assets for $25M.
Australian gold miner Northern Star Resources is set to make the leap to the 1Moz annual production level with its $800M deal to take management control of the Kalgoorlie Super Pit in WA, making up an all-local ownership team with Saracen Mineral Holdings. John Feary reports
Global gold giant Newmont says it will focus on growth and long-term value creation at its Tanami and Boddington projects in Australia following the $US800M sale of its controlling half-share in the Kalgoorlie Super Pit to Northern Star Resources.
President-CEO Tom Palmer says Australia remains a core operating region for the US-based miner, and it will continue active exploration campaigns across the region.
The sale will lift Newmont’s 2019 asset sales to over $1.4B. Completion is due in Jan 2020.
The Kalgoorlie Super Pit, an icon of Australian gold mining, will come under full homeland ownership again with Northern Star’s acquisition of 50% plus management from Newmont Goldcorp.
The deal follows last month’s acquisition by Saracen Mineral Holdings of the 50% non-management share from Barrick Gold.
Northern Star will pay Newmont $US800M for the deal, which includes a separate parcel of 100%-owned Kalgoorlie tenements.
Saracen Minerals forecasts 245,000oz gold production at AISC of $A1,470/oz for the June 2020 financial year from its newly acquired 50% JV interest in the Kalgoorlie Super Pit. The Australian miner’s purchase of the half-interest became effective on Dec 2.
Newmont Goldcorp, the mine’s 50% partner and operator, estimates its production share at 285,000oz at $US1,035/oz for its financial year to Dec 2020.
The recently merged Newmont Goldcorp, the world’s largest gold miner, is expecting attributable FY/CY2020 gold production of 6.7Moz at costs applicable to sales (CAS) of $US750oz and AISC of $975oz, rising to be between 6.5Moz-7Moz pa through 2024 with CAS improving to $600oz-$700oz for 2023 and 2024. AISC is also expected to drop to $850oz-$950oz for 2021 and 2022, and further to $800oz-$900oz for 2023 and 2024.
The outlook through 2024 for world gold major Newmont Goldcorp is good, with momentum maintained by increased production and lower costs