Newmont Mining Corporation
) is eyeing Glencore Xstrata's Peruvian copper mining project -
Las Bambas - which the latter is selling in an auction, according
to Financial Times. The newspaper stated that Newmont's
Chief Executive has found an interesting prospect in Glencore's
Las Bambas mine.
Newmont is reportedly viewing the project with interest as it
approaches production. The mine is expected to produce 400,000
tons of copper annually.
Glencore agreed to sell Las Bambas in early 2013 to meet demands
from China's antitrust authorities following its buyout of mining
group Xstrata. A couple of China's largest mining companies have
reportedly placed bids for the mine.
Newmont is a prominent player in the gold mining industry
Barrick Gold Corp.
Kinross Gold Corporation
). It has suspended construction at Conga, a mine in Peru, owing
to local concern over water resources. The company is also
considering selling its underground Midas mine in Nevada in order
to focus on its core businesses by disposing its non-core assets.
In this process, Newmont is working consistently in line with its
strategy to deliver value to the shareholders.
A few days ago, Newmont signed a Letter of Intent to divest
its Midas operation in Nevada to Waterton Global Resource
Management, Inc. The proposed deal is subject to necessary
regulatory and third party approvals along with execution and
delivery of an acquisition agreement and completion of
confirmatory due diligence.
Newmont released its second-quarter 2013 results in Jul 2013.
The company reported adjusted (barring one-time items
including non-cash asset impairment charges) loss of 10 cents a
share, in contrast to last year's earnings of 59 cents.
On a reported basis, the company posted a net loss (attributable
to Newmont stockholders) from continuing operations of $2.1
billion or $4.21 per share in the quarter compared to a net
income of $279 million or 56 cents per share a year ago.
Newmont's revenues fell nearly 10.6% year over year to $1,993
million in the quarter.
Newmont currently maintains a Zacks Rank #3 (Hold).
BARRICK GOLD CP (ABX): Free Stock Analysis
GOLDCORP INC (GG): Free Stock Analysis Report
KINROSS GOLD (KGC): Free Stock Analysis
NEWMONT MINING (NEM): Free Stock Analysis
To read this article on Zacks.com click here.