DENVER - Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM), a global leader in gold production, announced today the appointment of industry veteran Harry M. (Red) Conger to its Board of Directors. Conger, who also joins the Safety and Sustainability Committee, brings over four decades of mining and leadership experience to the company.
Conger's extensive career spans 46 years, recently culminating in his role as President and Chief Operating Officer at Teck Resources (NYSE:TECK). His tenure in the mining industry began at Kennecott Copper's Bingham Canyon mine and included over two decades at Phelps Dodge Corporation, where he was instrumental in overseeing operations across North and South America.
Before his retirement from Teck Resources, Conger held a significant position at Freeport-McMoRan (NYSE:FCX), serving as President and Chief Operating Officer, Americas. Throughout his career, he has been recognized for creating operational efficiencies and maintaining stable production, especially during challenging industry cycles.
In addition to his corporate achievements, Conger has been an active participant in the broader mining community, contributing to organizations such as the National Mining Association, where he served as Chairman, and the New Mexico Mining Commission, where he was a Commissioner. His contributions to the sector have been acknowledged through various industry awards and his recent election to the National Academy of Engineering.
Tom Palmer, President and CEO of Newmont, expressed his pleasure at welcoming Conger to the board, highlighting his unparalleled experience and strategic insights, which are expected to bring significant operational leadership to Newmont.
Newmont, founded in 1921 and publicly traded since 1925, is the only gold producer listed in the S&P 500 Index with a portfolio that includes assets in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea.
This appointment is based on a press release statement from Newmont Corporation.
In other recent news, Newmont Mining Corp (NYSE:NEM). has been the subject of several noteworthy developments. UBS has upgraded the Newmont Mining stock from Neutral to Buy, predicting a bullish outlook on gold prices, which is expected to lead to consensus earnings upgrades. Furthermore, UBS anticipates that Newmont will engage in significant divestments, estimated at $2 to $4 billion over the next 12 months, aiming to enhance cash returns to shareholders.
BMO Capital Markets, meanwhile, lowered its price target on Newmont shares to $54, maintaining an Outperform rating, due to revised projections for Barrick Gold (NYSE:GOLD), with whom Newmont operates several joint ventures. TD Securities raised its stock target for Newmont to $48, citing the company's successful post-merger asset monetization.
Newmont's first-quarter results showcased a significant increase in production and sales, mainly due to the acquisition of assets from Australia's Newcrest. The company reported a first-quarter profit with an attributable gold production of 1.7 million ounces, surpassing analyst predictions. Sales for the quarter soared to $4.02 billion, a significant jump from the previous year.
These recent developments highlight Newmont's robust financial health and strategic planning.
InvestingPro Insights
As Newmont Corporation (NYSE: NEM) welcomes a new member with a strong background in operational efficiency to its Board of Directors, the company's financial outlook appears to be on a positive trajectory. According to InvestingPro data, Newmont boasts a market capitalization of $48.25 billion, reflecting its significant presence in the global mining sector. Despite a negative P/E ratio for the last twelve months as of Q1 2024, standing at -14.66, the company has demonstrated notable revenue growth of 13.7% during the same period, signaling potential for future profitability.
Investors may also be encouraged by Newmont's impressive revenue growth of 50.17% in Q1 2024, compared to the previous quarter, which aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year. Additionally, the company has sustained its reputation as a reliable dividend payer, having maintained dividend payments for 54 consecutive years, which is particularly noteworthy for income-focused investors.
Another InvestingPro Tip suggests that Newmont is expected to be profitable this year, a prediction that aligns with the company's strong return over the last three months, which was 17.44%. Furthermore, Newmont's liquid assets surpass its short-term obligations, indicating a healthy financial position that could support sustained growth and operational success under the guidance of its newly appointed board member.
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