Fund Manager Summary
The fund managers believe that the outlook for Newmont Corporation CDI is promising, particularly following its acquisition of Newcrest, which positions the company as the largest gold producer in the world with nearly double the annual production of Barrick Gold. In their opinion, Newmont's portfolio includes tier one, long-life mining assets and several development-ready growth assets that are expected to enhance production and free cash flow growth over the next few years. Moreover, the company’s strong exposure to copper, with annual production of approximately 150kt, further diversifies its revenue streams and strengthens its market position.
Source: Trading View
Commentary From The Managers
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Ten Cap
31 Oct 2025
$124.93
Summary
- Ten Cap has sold down its position in Newmont Corporation (NEM) as part of a broader rebalancing of gold exposure.
- Despite being a global leader in gold production, Ten Cap identified better opportunities elsewhere in the sector.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ten Cap
31 Oct 2025
$124.93
- Ten Cap has sold down its position in Newmont Corporation (NEM) as part of a broader rebalancing of gold exposure.
- Despite being a global leader in gold production, Ten Cap identified better opportunities elsewhere in the sector.
Summary
Pendal Group
27 Oct 2025
$123.19
- Pendal Group notes that Newmont (NEM) reported a strong Q3 operational performance.
- Q3 revenue exceeded expectations by 6%, EBITDA by 12%, and free cash flow (FCF) by 28%.
- The company has returned to zero Net Debt, indicating potential for further capital management.
- Despite a US$3.0bn buyback announced in August, management indicated scope for more capital management options.
- NEM is generating US$7-8bn/year FCF at current gold prices, reflecting an 8-9% FCF yield.
- This performance allows for potential expansion of the buyback or an increase in the fixed quarterly dividend of US$0.25.
- However, there was qualitative commentary indicating a moderation in 2026 production guidance, expecting a reduction of approximately 200koz (3-4%).
- Pendal Group believes this guidance adjustment is unlikely to impact outer year projections.
Summary
Ten Cap
30 Sept 2025
$129.22
- Ten Cap sold their investment in Newmont (NEM).
- They rotated their gold exposure into Northern Star (NST).
- This decision was made to capture relative value and positioning.
- Northern Star has faced recent production downgrades.
- Ten Cap views these downgrades as temporary.
- They expect operational performance to normalize.
- Ten Cap anticipates a catch-up in returns over the coming periods.
Summary
PM Capital
31 Aug 2025
$115.34
- PM Capital notes that Newmont continued to rally, rising 16% in August.
- The company delivered a strong earnings update, generating record free cash flow.
- This performance was supported by all-time-high gold prices.
- Despite these gains, the stock trades more than 10% below its previous 2022 peak.
- Interestingly, the gold price has nearly doubled since then.
- PM Capital continues to hold because of the potential for further upside as gold prices remain strong.
Summary
Blackwattle Investment Partners
31 Aug 2025
$115.34
- Benefited from a surging gold price, which has decoupled from U.S. Treasury yields despite 30-year yields approaching 5%.
- Demand has been supported by central bank buying (notably Russia, India, and China) and heightened geopolitical instability.
- Newmont trades at an implied 9% earnings yield (PE 11x), well below its historical average of 20x.
- Offers tier-1 assets, low costs, copper exposure, and a disciplined management team improving portfolio quality.
- Blackwattle Investment Partners continues to hold because of these compelling factors.
Summary
Sterling Managed Investments
31 Aug 2025
$115.34
- Sterling Managed Investments has decided to moderate their holding in Newmont Mining (NEM) for portfolio and risk management purposes.
- The fund manager continues to view NEM as an attractive investment for equity portfolios.
- This perspective is based on the belief that gold is a structurally supported commodity.
- NEM possesses above-average value-creation attributes across key drivers.
- Key drivers include reserve life, gold grade, diversification, and balance sheet.
Summary
Firetrail Investments
31 Aug 2025
$115.34
- Firetrail Investments notes that Newmont's share price is supported by robust gold prices.
- The company reported a strong set of production results.
- Newmont completed its non-core asset program, raising over $3bn in cash proceeds ahead of schedule.
- As of 30 June, Newmont ended with $1.2bn in net debt, positioning itself for further capital management.
- Potential for share buybacks is on the horizon.
Summary
Clime Investment Management
31 Aug 2025
$115.34
- Clime Investment Management has moderated its holding in Newmont Mining (NEM) for portfolio and risk management purposes.
- NEM has shown very strong price performance, both absolutely and relatively.
- The firm views NEM as an attractive investment for equity portfolios.
- Clime believes that gold is a structurally supported commodity.
- NEM possesses above-average value-creation attributes across key drivers such as reserve life, gold grade, diversification, and balance sheet.
Summary
Tyndall Asset Management
31 July 2025
$96.73
- Tyndall Asset Management notes that Newmont (NEM) contributed positively to performance in August.
- NEM is in the process of rebuilding market trust following operational downgrades in Q3 2024 and Q1 2025.
- The rebuilding of trust was further evidenced in August 2025 as NEM reported strong operational and financial results for Q2 2025.
- NEM also announced an increase in its buyback program.
- Tyndall Asset Management continues to hold its position in NEM based on these developments.
Summary
Clime Investment Management
31 July 2025
$96.73
- Clime Investment Management trimmed their position in Newmont during June.
- The decision was influenced by strong share price performance.
- This performance has been supported by sustained strength in gold prices.
- There has been recent positive broker sentiment towards Newmont.
- Despite the partial sale, Clime Investment Management views Newmont as an attractive long-term holding.
- Newmont is recognized as the world’s leading long-life, low-cost gold producer.
- The partial sale was a prudent move to manage position size and rebalance the portfolio.
- They maintain a positive outlook on the company’s fundamentals.
Summary
Alliance Bernstein
30 June 2025
$87.31
- Newmont Mining is a major global gold producer with operations in gold and copper mining.
- The company reported strong 2Q:25 results that exceeded market estimates.
- Performance was driven by strong gold prices.
- Management announced a substantial expansion of the company’s share repurchase program.
- The expansion is funded by proceeds from recently completed asset divestitures.
Summary
Clime Investment Management
30 June 2025
$87.31
- Clime Investment Management trimmed their position in Newmont during June due to strong share price performance.
- The share price was supported by sustained strength in gold prices and positive broker sentiment.
- Despite the partial sale, Clime continues to view Newmont as an attractive long-term holding.
- The decision to partially sell was a prudent move to manage position size and rebalance the portfolio.
- Clime maintains a positive outlook on Newmont’s fundamentals.
- Newmont contributed to performance in June, bolstered by ongoing strength in gold.
- A brokerage firm upgraded its investment view of Newmont while downgrading recommendations for other gold stocks.
- Clime's view remains that Newmont is an attractive stock as the world's leading long-life, low-cost gold producer.
Summary
Blackwattle Investment Partners
30 June 2025
$87.31
- NEM was the largest positive contributor to performance during the month.
- NEM rallied 8% in June, catching up to gold prices near record highs of ~US$3,300/oz.
- NEM is the largest, lowest-cost, and most diversified gold miner globally.
- Gold has benefited from uncertainty surrounding President Trump’s US tariff policies over the past 6 months.
- Increasing demand from Central Banks has been noted as they diversify reserves away from US treasuries.
- Blackwattle Investment Partners continues to see material upside for NEM as an enduring high-quality business.
- NEM is viewed as the highest quality gold miner globally.
- 2025 is a transition year for NEM, with softer production and increased investment for the legacy Newcrest portfolio.
- Completion of asset sales is expected to high-grade their portfolio.
- Beyond 2025, NEM is expected to execute on multiyear internal levers to maintain and improve business quality.
- These include organic production expansion, operating cost reductions, material debt reduction, and further capital returns.
- This strategy should allow NEM to deliver a higher quality, lower cost, diversified asset base in 2026-2027.
Summary
PM Capital
30 June 2025
$87.31
- PM Capital notes that the local listing for Newmont, the world’s largest gold miner, rallied 8% for the month due to rising geopolitical tensions.
- The rally followed the escalation of the Iran-Israel conflict and direct US involvement.
- Despite a slight pullback from the all-time high above US$3,400 per ounce, the physical gold price remains elevated.
- This elevation is attributed to ongoing demand from central banks and investors seeking stability amid economic uncertainty.
- Newmont CDI has benefited from gold’s safe-haven status during geopolitical tensions.
- After lagging behind the underlying gold price for years, Newmont’s stock has started to catch up.
- However, it remains nearly 30% below its 2022 peak when gold traded at US$2,000 per ounce.
- PM Capital sees clear upside potential for Newmont's valuation.
Summary
Clime Investment Management
31 May 2025
$81.62
- Clime Investment Management notes that Newmont Mining (NEM) was a detractor to relative performance over the month.
- Newmont has been treading water after a strong rise in April.
- The strong gold price backdrop continues to provide on-going support for Newmont.
- As the world's largest gold producer, Newmont's position remains significant in the market.
Summary
Clime Investment Management
30 Apr 2025
$82.07
- Newmont Corporation was a positive contributor to performance in April.
- Benefited from strong quarterly results and a supportive macro environment for gold.
- First-quarter gold production exceeded expectations by 6%.
- Costs were notably better than forecast, contributing to free cash flow of $1.2 billion.
- Solid operational results from Cadia, Peñasquito, and Lihir.
- Temporary safety-related disruptions at Cerro Negro were offset by strong performance elsewhere.
- With gold prices remaining elevated, balance sheet strength is improving.
- Management has maintained 2025 guidance and is considering expanding the existing buyback program.
- Clime Investment Management continues to hold due to these positive indicators.
Summary
Tyndall Asset Management
31 Mar 2025
$77.11
- Tyndall Asset Management notes that Newmont outperformed during the month due to strong gold prices.
- The ongoing uncertainty around US trade policy has led investors to seek out safe-haven assets.
- The price of gold rose by 11% during the month, benefiting all gold producers.
- Tyndall Asset Management continues to hold Newmont as a result of these favorable conditions.
Summary
Clime Investment Management
31 Mar 2025
$77.11
- NEM performed well in March driven by continued strength in the price of gold.
- Ongoing central bank purchasing activity has positively impacted performance.
- Heightened political uncertainty following Trump’s presidential election and tariff news contributed to market dynamics.
- NEM's total proceeds from the sale of non-core assets have reached nearly USD 4 billion, significantly exceeding original guidance.
- This positive outcome leaves NEM well-capitalised.
- The miner is executing its strategy as expected.
Summary
Oracle Advisory Group
31 Mar 2025
$77.11
- Oracle Advisory Group highlights the performance of gold, reaching new highs.
- The Perth Mint Gold returned 18.12% in the quarter.
- In the favorable market for gold, gold stocks have shown continued strong performance.
- Newmont Corporation (NEM) was purchased in February 2024.
- Newmont now represents nearly 8% weight in the portfolio, making it the largest position.
Summary
Endeavor Asset Management
31 Mar 2025
$77.11
- Endeavor Asset Management updates its investment thesis on Newmont Corporation CDI.
- Newmont (NEM) benefited from a 9% increase in gold price in December, surpassing US$3,100 per ounce.
- The company has guided to FY25 all-in sustaining costs of US$1,620 per ounce.
- Expected production stands at 5.6 million ounces with development capital of about US$1.3 billion.
- These metrics imply potential free cash flow generation of around US$6.4 billion before tax on a 100% ownership basis.
- With rising gold prices, margins are expanding, showcasing Newmont's operational leverage.
- NEM shares rose 15% over the month.
Summary
Blackwattle Investment Partners
31 Mar 2025
$77.11
- NEM was the largest positive contributor to performance during the month.
- NEM rallied 16% in March as gold prices climbed 10% to record highs above US$3,100/oz.
- NEM is the largest, lowest-cost and most diversified gold miner globally.
- In the past month, gold has benefitted significantly from uncertainty surrounding President Trump's US tariff policies.
- Over the past 12 months, gold has seen increasing demand from Central Banks diversifying their reserves away from US treasuries.
- Blackwattle Investment Partners continues to hold NEM as we see material upside for the company as an ‘enduring high-quality’ business.
- We view NEM as the highest quality gold miner globally.
- 2025 is a transition year for NEM with softer production and increased investment for the legacy Newcrest portfolio.
- Completion of asset sales will aim to high-grade their portfolio.
- Beyond 2025, we expect NEM to execute on numerous multiyear internal levers to enhance business quality.
- This includes organic production expansion, operating cost reductions, material debt reduction, and further capital returns.
- These strategies should allow NEM to deliver a higher quality, lower cost, diversified asset base in 2026-2027.
Summary
Blackwattle Investment Partners
31 Jan 2025
$69.20
- Newmont (NEM) significantly contributed to fund performance in January.
- Geopolitical uncertainties and risks of higher inflation from tariffs and trade wars have driven gold prices up by 7% this month.
- Blackwattle Investment Partners views Newmont as the highest quality gold producer in the ASX.
- Newmont benefits from lower production costs and longer mine lives compared to peers.
- Recent re-basing of production expectations caused some share price weakness.
- However, an elevated gold price and a weaker A$ are significant tailwinds for the company’s cash flows and profitability.
- These factors are expected to offset lower-than-expected near-term volumes.
- Blackwattle Investment Partners continues to hold because of the strong fundamentals and outlook for Newmont.
Summary
Clime Investment Management
31 Jan 2025
$69.20
- Clime Investment Management notes that NEM performed well in January, driven by continued strength in the price of gold.
- Ongoing central bank purchasing activity has positively influenced NEM's performance.
- Heightened political uncertainty following Trump’s presidential election has further supported NEM's position.
- NEM's total proceeds from the sale of non-core assets have reached nearly USD 4 billion, significantly exceeding its original guidance.
- This positive outcome leaves NEM well-capitalised.
- The miner is executing its strategy as expected.
Summary
Allan Gray
10 Jan 2025
$63.72
- Allan Gray has updated their investment thesis on Newmont Corporation, emphasizing its significant position in the gold mining sector.
- Newmont is recognized as the world’s largest gold producer with a diversified portfolio across multiple continents.
- Despite a strong rise in gold prices of approximately 80% over the past five years, Newmont's share price has remained largely unchanged, indicating underperformance.
- Key factors for this underperformance include:
- Rising operating costs that have offset benefits from higher gold prices.
- Increased capital expenditures necessary for ore extraction and resource conversion.
- Declining production per share, leading to less output for shareholders.
- Looking forward, Allan Gray believes costs should decline as production challenges are addressed and capital expenditures stabilize, potentially improving cash flows.
- Newmont's long-life tier-one assets provide a solid foundation, with a reserve life of about 17 years, suggesting sustainable production levels.
- The market capitalization of Newmont is around US$47 billion, with an enterprise value estimated at US$55 billion, indicating a potentially attractive investment opportunity.
- Despite potential risks, including fluctuating gold prices and operational challenges, Allan Gray remains optimistic about Newmont's diversified asset base and long-term outlook.
Summary
PM Capital
31 Dec 2024
$59.54
- PM Capital notes that despite a flat physical gold price, Newmont's stock fell 24% following a solid third-quarter result.
- The decline was attributed to 2025 production guidance, which is expected to fall below the 6 million-ounce annual run rate.
- However, PM Capital anticipates headwinds at several operations will turn into tailwinds, supporting sustainable production with lower unit costs.
- Recent asset sales at better-than-expected valuations enable Newmont to concentrate on its core, high-quality portfolio.
- With net debt at manageable levels, excess free cash flow can be returned to shareholders, providing a favourable distribution yield.
- Newmont is currently trading at a significant discount to historical valuations, presenting an opportunity for PM Capital to increase its position during the quarter.
Summary
Clime Investment Management
31 Dec 2024
$59.54
- Clime Investment Management notes that the December decline in Newmont Corporation (NEM) was influenced by weakness in the gold sector.
- Negative sentiment towards gold stocks was further exacerbated by increased investment in cryptocurrency following the US presidential election.
- Despite this decline, Newmont announced a non-core asset sale, contributing to total proceeds of nearly USD 4 billion.
- This amount is significantly above the original guidance for 2024.
- With additional asset sales planned, Clime Investment Management believes NEM is positioned for further capital management.
Summary
Oracle Advisory Group
31 Dec 2024
$59.54
- Oracle Advisory Group remains positive on Newmont (NEM) despite recent price fluctuations.
- Initial investment was around A$50, with a rise to A$87 followed by a drop to the low A$60s.
- The drop was attributed to Q3 results indicating cost inflation in labour and investment in tailing facilities.
- Newmont reduced medium-term gold production guidance to 6m ounces, down from the expected 6.7m ounces.
- Oracle Advisory Group anticipates no further downside from the current production levels.
- Expected production recovery from Bodington mine after two years of stripping.
- Potential production upside anticipated from the Cadia gold mine in New South Wales and Lihir mine in Papua New Guinea.
Summary
Clime Investment Management
30 Nov 2024
$62.95
- Clime Investment Management notes that NEM's recent performance was impacted by a weak quarterly report and a reset of investor expectations.
- There have been guidance downgrades following the report.
- NEM successfully completed the sale of Musselwhite for USD 850 million.
- The company has exceeded its initial USD 2 billion goal for realised value from asset divestments by nearly USD 1 billion.
- Clime Investment Management continues to monitor NEM's operational performance closely.
- The miner has two assets remaining to be sold by the end of Q1 2025.
Summary
Blackwattle Investment Partners
30 Nov 2024
$62.95
- NEM was the largest negative contributor to performance, falling 8% in November after a weaker outlook at their 3Q24 result.
- NEM is the largest, lowest-cost and most diversified gold miner globally.
- NEM reduced their 2025 outlook due to softer production and increased investment for the legacy Newcrest portfolio.
- NEM continues to progress with asset sales, delivering US$3.9b compared to initial guidance of US$2b.
- NEM increased the on-market buyback by US$2b and is advancing a significant organic growth capex phase.
- This strategy should enable NEM to deliver a higher quality, lower cost, diversified asset base by 2026-2027.
- Blackwattle Investment Partners continues to see material upside for NEM as an ‘enduring high-quality’ business and views NEM as the highest quality gold miner globally.
- Expectations include execution on numerous multiyear internal levers: organic production expansion, operating cost reductions, portfolio high grading through asset sales, material debt reduction, and further capital returns.
Summary
Clime Investment Management
31 Oct 2024
$70.96
- Clime Investment Management notes that NEM detracted from performance this month.
- Recent quarterly report revealed production downgrades for Lihir and Brucejack.
- There were cost increases across the company’s gold mining portfolio.
- Investor expectations had risen due to anticipated benefits from the integration of Newcrest assets.
- There was optimism about the improving performance of the Nevada JV.
- Clime views the recent results as a reset of expectations.
- The fund manager will continue to monitor NEM’s operational performance closely.
Summary
Clime Investment Management
31 Aug 2024
$77.51
- Newmont Corporation (NEM) performed well during the month.
- Performance was aided by continued strength in gold prices.
- Gold has shown resilience amidst weakening global growth.
- Concerns regarding China's economy persist.
- Clime Investment Management retains confidence in NEM's asset optimisation strategy.
- NEM is considered a high-quality gold miner.
- Clime sees NEM as an attractive investment benefiting from earnings upgrades.
Summary
Blackwattle Investment Partners
31 July 2024
$73.65
- NEM was the largest positive contributor to performance during the month.
- NEM rose 16% in July, on the back of rising gold prices and a strong quarterly result.
- NEM is the largest, lowest-cost and most diversified gold miner globally.
- NEM has a strong track record of delivering value from acquisitions.
- The 2019 acquisition of Goldcorp in Canada created significant shareholder value.
- Expect similar upside from the recent Newcrest acquisition.
- NEM’s 2Q24 result showed further progression, delivering a second strong earnings result in a row.
- Upgraded the asset sales target and started a US$1bn on-market buyback.
- Continue to see material upside for NEM as an ‘enduring high-quality’ business.
- View NEM as the highest quality gold miner globally.
- Expect NEM to execute on multiyear internal levers to maintain and improve business quality.
- Key strategies include:
- Extracting Newcrest synergies
- Organic production expansion
- Operating cost reductions
- Portfolio high grading through asset sales
- Material debt reduction
- Further capital returns
Summary
Clime Investment Management
31 July 2024
$73.65
- NEM was a top performer during the month, supported by the strength in gold prices, which reached an all-time high of US$2,468/oz.
- NEM reported strong operational performance in its June quarterly results.
- The company surprised the market with a US$1 billion buyback.
- NEM is guiding its asset divestment plans to achieve a combined value of over US$2 billion.
- Clime Investment Management continues to hold due to confidence in NEM's asset optimisation strategy.
- The fund manager considers NEM a high-quality gold miner, making it an attractive investment option.
- Clime Investment Management notes that NEM is benefitting from earnings upgrades.
Summary
L1 Capital
30 June 2024
$62.50
- Newmont shares outperformed with a +18% increase following strong first quarter results.
- Gold production exceeded consensus estimates.
- Company sold a non-core gold asset for US$330m.
- This aligns with Newmont's strategy to focus on large, low-cost, high free cash flow assets.
- Smaller operations are being divested to simplify the portfolio.
- L1 Capital became shareholders after the acquisition of Newcrest in October 2023.
- With the recent share price rally, L1 Capital exited the position.
- Funds were rotated into other gold equities with greater near-term upside potential.
Summary
Oracle Advisory Group
30 June 2024
$62.50
- Oracle Advisory Group notes that Newmont's share price increased significantly in April following strong Q1 2024 results.
- The average realized gold price was US$2,090/oz, up from US$2,004/oz in Q4.
- Attributable gold production reached 1.68 million ounces.
- Gold AISC (All in Sustaining Costs) decreased to US$1,439, down from US$1,485 in Q4.
- Adjusted EBITDA rose by 22.6% year-on-year to US$1,694m.
- Adjusted net income per diluted share increased by 19.6% compared to the prior corresponding period, reaching $0.55 per share.
- For FY24, Newmont anticipates attributable gold production of 6,930 thousand ounces.
- Oracle Advisory Group continues to hold their position on Newmont based on these positive financial indicators.
Summary
Milford Asset Management
30 Apr 2024
$63.71
- Milford Asset Management acknowledges Newmont's recent performance with an increase of 18.6% after exceeding production expectations.
- Despite operational challenges faced in 2023, the effects are anticipated to linger into 2024.
- The fund sees significant potential in copper production, providing leverage to overall growth.
- Record high gold prices are viewed as a key factor supporting a favorable near-term growth outlook.
- Milford Asset Management continues to hold their position due to the attractive growth opportunities.
Summary
Endeavor Asset Management
30 Apr 2024
$63.71
- Endeavor Asset Management identified Newmont Corporation (NEM) as a promising investment opportunity during April.
- The company’s share price increased by 18.6% in April, emerging as a key contributor to the Balanced Equities Portfolio.
- NEM reported strong production and earnings results in the March quarter, suggesting low expectations were priced in.
- A positive surprise was the divestment of a stream asset for US$330 million, separate from a larger six-asset divestment plan.
- The fund manager anticipates that net proceeds from asset sales will reduce debt and enhance capital management options.
Summary
Blackwattle Investment Partners
30 Apr 2024
$63.71
- Newmont was the largest positive contributor to performance during the month.
- NEM rose 19% in April, driven by rising gold prices and a solid quarterly result.
- NEM is the largest, lowest-cost, and most diversified gold miner globally.
- 1Q24 results show progress in integration with Newcrest, achieving production and synergy targets.
- Despite recent performance, investor skepticism remains high regarding the stock.
- Blackwattle Investment Partners sees significant upside for NEM as they execute on multiyear internal improvements.
- Key focus areas include extracting Newcrest synergies, organic production expansion, and operating cost reductions.
- Asset sales, material debt reduction, and returning capital to shareholders are also priorities.
- Recent safety issues, including four fatalities, require close monitoring to restore a strong safety record.
Summary
L1 Capital
30 Apr 2024
$63.71
- Newmont shares have outperformed, rising +19% following their first quarter results.
- Gold production exceeded consensus estimates, signaling potential recovery and growth.
- L1 Capital believes recent operating weaknesses are transitory and expects strong quarterly results ahead.
- Newmont sold a non-core gold asset for US$330m, enhancing focus on their main operations.
- This divestment aligns with Newmont's strategy to simplify its portfolio and enhance operational execution.
- Post-acquisition of Newcrest, Newmont is now the largest gold producer globally.
- The company holds an extensive portfolio of tier one mining assets and development-ready growth projects.
- Newmont has strong copper exposure, with annual production around 150kt.
Summary
Oracle Advisory Group
31 Mar 2024
$56.35
- Oracle Advisory Group believes that Newmont (NEM) is positioned well as gold prices thrive amidst declining real rates.
- Despite strong gold prices in 2023, gold stocks, including Newmont, underperformed the market.
- Newmont faced sales declines in 2023 due to a strike at its Penasquito mine and operational issues in various projects.
- Future sales for Newmont are projected to increase significantly from 5.3 million ounces to 8.8 million ounces by 2027.
- Newmont aims to enhance value by selling subscale gold assets and improving dividends.
- Gold is viewed as a strong portfolio hedge owing to its low correlation with the business cycle.
Summary
Clime Investment Management
28 Feb 2024
$45.61
- NEM's weak share price during the month reflected investor caution ahead of the half yearly result.
- 2024 production guidance missed relative to expectations.
- NEM announced 6 assets it intends to divest and plans to prioritize tier-1 assets going forward.
- NEM remains a high-quality gold and copper miner.
- There is clear valuation upside as investors digest the new mine portfolio post the acquisition of Newcrest Mining.
- Clime Investment Management continues to hold due to the long-term potential of NEM.
Summary
Clime Investment Management
31 Jan 2024
$52.72
- Clime Investment Management notes that the NEM share price has struggled following the acquisition of Newcrest Mining.
- Operational challenges at Brucejack and Telfer have contributed to this performance.
- Currency fluctuations relative to Australian gold miners have created additional headwinds.
- There is market uncertainty regarding the 2023 full year results, potential resource revisions, and changes to capital projects.
- Despite these challenges, Clime Investment Management continues to view NEM as a high-quality gold miner.
- NEM is approaching 5-year price to earnings lows and offers a quarterly dividend exceeding 4.5% p.a.
Summary
L1 Capital
31 Jan 2024
$52.72
- L1 Capital notes a decline in Newmont's shares by 13% due to lowered expectations for 2024 production volumes.
- Recent operational downgrades include the Telfer and Brucejack mines, which are temporarily suspended for environmental and safety issues.
- L1 Capital expects that the current operational weaknesses are mostly transitory.
- The company's strategy focuses on executing operations at large, low-cost, high free cash flow generators.
- Newmont aims to simplify its portfolio by divesting smaller operations.
- Following the acquisition of Newcrest, Newmont is now the largest gold producer globally.
- Newmont holds an extensive portfolio of tier one mining assets and development-ready growth projects.
- Projected production growth is supported by these development-ready assets over the coming years.
- The company also has strong exposure to copper, with annual production around 150kt.
Summary
L1 Capital
31 Dec 2023
$60.53
- Newmont is now the largest gold producer in the world following the acquisition of Newcrest.
- It has nearly double the annual production compared to the second largest producer, Barrick Gold.
- The company owns a portfolio of tier one, longlife mining assets.
- There are several development-ready growth assets that will support production and free cash flow growth in the upcoming years.
- Newmont has strong exposure to copper, with annual copper production of approximately 150kt.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With Newmont's recent acquisition of Newcrest, it seems poised to dominate the gold sector, potentially doubling its rivals in production. This strategic positioning could unlock substantial growth, particularly as copper exposure adds another layer of opportunity."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Newmont Corporation CDI (ASX:NEM)?
Fund managers including L1 Capital, Endeavor Asset Management, Blackwattle Investment Partners, Milford Asset Management, Oracle Advisory Group, Allan Gray, Clime Investment Management, Alliance Bernstein, PM Capital, Tyndall Asset Management, Firetrail Investments , Pendal Group and Ten Cap have invested in Newmont Corporation CDI (ASX:NEM).
Why do fund managers invest in Newmont Corporation CDI?
Fund managers invest in Newmont Corporation CDI due to its position as the largest gold producer globally, significantly outpacing competitors like Barrick Gold. The company boasts a robust portfolio of tier one mining assets and development-ready projects that promise production and free cash flow growth. Additionally, Newmont's substantial copper production enhances its appeal, aligning with diversified investment strategies.
What happened to Newmont Corporation CDI (ASX:NEM)?
Fund managers are investing in Newmont Corporation (NEM) due to its strong operational and financial performance, particularly in the context of rising gold prices. The company has demonstrated effective capital management through significant free cash flow generation, share buybacks, and a reduction in net debt. Despite some recent production guidance adjustments, Newmont's position as a leading, low-cost gold producer, combined with positive broker sentiment and robust market demand, supports its attractiveness as a long-term investment. Fund managers view Newmont as a solid holding, balancing portfolio risks while recognizing its potential for continued value creation.