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Newmont (NEM) Inks Profit-Sharing Deal With Penasquito Union
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Newmont Corporation (NEM - Free Report) inked a profit-sharing agreement with its represented workforce at its Penasquito mine in Zacatecas, Mexico. The deal supports the continued operation of Penasquito into the future.
Newmont Penasquito will pay its represented workforce an uncapped profit-sharing bonus of up to 10% in-line with other agreements across Mexico with an immediate cost equivalent of $70 million, which marks the payments related to 2021 results.
Newmont stated that through respectful dialogue and the active participation of union leadership, it reached this agreement without interruption to the operation, ensuring a lasting relationship for the future of Penasquito.
Shares of Newmont have declined 6.2% in the past year compared with a 23.1% fall of the industry.
Image Source: Zacks Investment Research
In its last earnings call, Newmont stated that it expects attributable gold production of 6.2 million ounces for 2022. The company also expects gold CAS to be $820 per ounce and AISC to be $1,050 per ounce.
Newmont’s guidance reflects increasing gold production, ongoing investment in its operating assets and most promising growth prospects. It includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Suldes, Pamour at Porcupine and Cerro Negro District Expansion 1.
Some better-ranked stocks in the basic materials space are Allegheny Technologies Inc. (ATI - Free Report) , Cabot Corporation (CBT - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Allegheny has a projected earnings growth rate of 1,076.9% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 40.4% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 0.7% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 6% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 8.6% over a year.
Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 30.7% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 25.6% in a year. The company carries a Zacks Rank #2 (Buy).
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Newmont (NEM) Inks Profit-Sharing Deal With Penasquito Union
Newmont Corporation (NEM - Free Report) inked a profit-sharing agreement with its represented workforce at its Penasquito mine in Zacatecas, Mexico. The deal supports the continued operation of Penasquito into the future.
Newmont Penasquito will pay its represented workforce an uncapped profit-sharing bonus of up to 10% in-line with other agreements across Mexico with an immediate cost equivalent of $70 million, which marks the payments related to 2021 results.
Newmont stated that through respectful dialogue and the active participation of union leadership, it reached this agreement without interruption to the operation, ensuring a lasting relationship for the future of Penasquito.
Shares of Newmont have declined 6.2% in the past year compared with a 23.1% fall of the industry.
Image Source: Zacks Investment Research
In its last earnings call, Newmont stated that it expects attributable gold production of 6.2 million ounces for 2022. The company also expects gold CAS to be $820 per ounce and AISC to be $1,050 per ounce.
Newmont’s guidance reflects increasing gold production, ongoing investment in its operating assets and most promising growth prospects. It includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Suldes, Pamour at Porcupine and Cerro Negro District Expansion 1.
Newmont Corporation Price and Consensus
Newmont Corporation price-consensus-chart | Newmont Corporation Quote
Zacks Rank & Key Picks
Newmont currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Allegheny Technologies Inc. (ATI - Free Report) , Cabot Corporation (CBT - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Allegheny has a projected earnings growth rate of 1,076.9% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 40.4% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 0.7% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 6% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 8.6% over a year.
Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 30.7% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 25.6% in a year. The company carries a Zacks Rank #2 (Buy).