Newmont Mining Corp (NYSE:NEM) Proposes a Strategy to Reduce Costs and Strengthen Present Operations

Posted on Aug 14 2013 - 4:10am by Viraj Shah

Boston, MA 08/14/2013 (wallstreetpr) – Newmont Mining Corp (NYSE:NEM)’s novel management group during an investor day call summed up approach to lessen costs and strengthen existing operations. The firm gave perceptivity to its shareholders on its long-term approach. The firm, which also proposes to diminish costs and strengthen present operations, should utilize the present purchasers’ market to stock up on innovative discovery resources.

In a message, John Bridges, market expert at JP Morgan stated, “Long-standing miners purchase low with aim that they can mine larger.”

Newmont Mining Corp, a well-known gold producer, posted a shocking 2nd quarterly period loss after a sharp decline in gold rates and a destruction charge associated to its two Australia-based mines.

Newmont Mining Corp (NYSE:NEM) Proposes to Trim Down Staff by 1/3rd

The company registered loss during the second quarterly period. Gold rates have declined speedily over the past several months. Newmont Mining Corp (NYSE:NEM) has recorded a hefty loss of $2 billion in the second quarter. This is mainly because of the decreases in the gold rates and the impairment charges in relation with 2 of the firm’s Australian mines.

Newmont Mining Corp plans to lessen the workforce by 1/3rd. For the last 3 month period that ended on June 30, the company has confronted a loss of around $4.06 for each share as against 2012’s net income of $279 million. The company’s revenue dropped down by around 11 per cent as against $2.23 billion to $1.99 billion as compared to the value of $2.08 billion that was Wall Street’s approximation.

Newmont Mining Corporation (NYSE: NEM) Announces Quarterly Dividend of $0.25 per Share

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) has declared that its Board of Directors announced a quarterly dividend of $0.25 per share of common stock. The dividend will be paid on September 27, 2013 to the stockholders.

About the Author

Viraj Shah has done M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks and believes that money can always be made in market.

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