Newmont Mining Corp (NYSE:NEM) is set to announce its 3Q2016 financial results on October 26, 2016, followed by a conference call the next day. There has been quite a lot going on at the company and investors would surely be awaiting updates on the most recent events. The list includes two recent announcements from NEM, namely the addition of Allen Woodley to its management team and the start of production at the Merian gold mine, in Suriname. Analysts are predicting another bullish run in Gold. Read more about how this small company could provide large returns on your investment HERE.
The company’s stock has been fluctuating, since suffering a sharp decline on October 3, of approximately $5 per share. This reflects the confusion around the stock, since the market for gold has not been too impressive, as of late. However, it can be safe to assume that things would get clearer, once the Newmont has released its 3Q2015 financial results and provided an update on its future plans.
The New Head Of North American Business
On October 5, Newmont announced that it would be appointing Andrew Woodley as the new head of its North American business, effective from January 2, 2017. Mr. Woodley is a distinguished and experienced miner and would be replacing Tom Kerr, who spent 32-years with the company. The COO of NEM, Tom Palmer, pointed out that the new head boasts over 20-years of experience in improving safety, sustainability and productivity. He claimed that Mr. Woodley is an ideal choice, given that Newmont is currently focusing on strengthening its portfolio, creating value for shareholders and improving the underlying business model. Mr. Woodley’s last position was the CEO of Rio Tinto’s gold and copper mining operations, in Mongolia.
The Start Of Production at The New Mine
Earlier, NEM had revealed that it has successfully completed the construction of its Merian gold mine, right on schedule, while also saving over $150 million, in its development budget. The company also noted that it had poured the first gold, to officially begin operations on October 1, 2016. The mine is expected to hold a gold reserve of 5.1 million ounces, of which 0.4-0.5 million ounces would be extracted annually. NEM expects to return a gross profit of $75 per ounce of gold from the mine.