Newmont Corporation (NEM Quick QuoteNEM - Free Report) recently announced the formation of an exploration joint venture (JV) with Agnico Eagle Mines Limited (AEM Quick QuoteAEM - Free Report) in Colombia. The 50-50 JV will be operated by Agnico Eagle. It aims to explore the Anza project in Colombia and advance other prospective gold targets in the country.

The Anza gold exploration project comprises of exploration contracts and applications in the Mid-Cauca belt in Colombia. Newmont stated that Agnico Eagle will solely fund the JV until expenditures equal Newmont’s previous investment of around $2.9 million in the Anza project. After that, the parties to the JV will continue funding the project on a 50-50 basis.

Newmont’s shares have surged 62.8% in the past year compared with the industry’s 20% rise.

In July, Newmont stated that it expects attributable gold production of around 6 million ounces in 2020. Gold CAS is projected at $760 per ounce for 2020, while AISC is expected to be $1,015 per ounce on higher sustaining capital spending.

The company is progressing with majority of its development and sustaining capital projects, including Tanami Expansion 2 and Subika Underground as well as advancing laybacks at Boddington and Ahafo.

Zacks Rank & Other Key Picks

Newmont currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Pretium Resources, Inc. and Yamana Gold Inc. , both carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Pretium Resources has an expected earnings growth rate of 20% for 2020. Its shares have returned 7.5% in the past year.

Yamana has an expected earnings growth rate of 84.6% for 2020. The company’s shares have gained 70.1% in the past year.

5 Stocks Set to Double

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