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Newmont Mining Logo
  • commented 7/24/14
  • tags: GOLD NEM RIO FCX VALE
  • There are several errors in the above article which adversely dipict the EPS outlook for the 2Q 2014 to be published this week. First of all, the average Gold price in 2Q of 2014 is approximately the same as in 2Q of 2013, rather than $100 lower. Secondly, the CoW (Contract of Work) that NEM has and signed in 1986 allowed NEM to declare the Force Majeure on Copper shipments in early June 2014, and so through the end of 2014, NEM need only pay its Indonesian workers 20% of their usual pay; this , I estimate, will add approximately $0.10 to the NEM EPS for 3Q and 4Q in 2014, and also about $0.05 EPS to its 2Q EPS. Moreover, the election of Mr. Joko Widodo to be President of Indonesia beginning in Oct 2014 is very favorable to NEM since Mr. Joko Widodo ran on a Platform of creating jobs for the working class people; he was a business man prior to becoming elected Governor of Jakarta in 2012, and so it is likely that soon after he takes Office in October 2014, he will roll back the harsh anti-business laws so that NEM can resume normal operations under the CoW. Furthermore, NEM is continuing to cut costs in their worldwide mining operations, and it is likely that another $50 Million cost reduction was achieved in 2Q 2014, thus adding another $0.10 EPS to its 2Q EPS to be published this week. Additionally, the NEM sale to Klondyke Mines of it Midas Mine & Refinery will create an additional profit of what I estimate to be approximately $0.20 per share. This all adds to the $0.23 EPS in 1Q 2014 to give my estimate of about $0.36 EPS for 2Q 2014 before the etraordinary gains of $0.20 from the sale of Midas Mines. July 24, 2014 at 11:22 a.m. PDT. [ less... ]
    There are several errors in the above article which adversely dipict the EPS outlook for the 2Q 2014 to be published this week. First of all, the average Gold price in 2Q of 2014 is approximately the same as in 2Q of 2013, rather than $100 lower. Secondly, the CoW (Contract of Work) that NEM has and signed in 1986 allowed NEM to declare the Force Majeure on Copper shipments in early June 2014, and so through the end of 2014, NEM need only pay its Indonesian workers 20% of their usual pay; this , I estimate, will add approximately $0.10 to the NEM EPS for 3Q and 4Q in 2014, and also about $0.05 EPS to its 2Q EPS. Moreover, the election of Mr. Joko Widodo to be President of Indonesia beginning in Oct 2014 is very favorable to NEM since Mr. Joko Widodo ran on a Platform of creating jobs for the working class people; he was a business man prior to becoming elected Governor of Jakarta in 2012, and so it is likely that soon after he takes Office in October 2014, he will roll back the harsh anti-business laws so that NEM can resume normal operations under the CoW. Furthermore, NEM is continuing to cut costs in their worldwide mining operations, and it is likely that another $50 Million cost reduction was achieved in 2Q 2014, thus adding another $0.10 EPS to its 2Q EPS to be published this week. Additionally, the NEM sale to Klondyke Mines of it Midas Mine & Refinery will create an additional profit of what I estimate to be approximately $0.20 per share. This all adds to the $0.23 EPS in 1Q 2014 to give my estimate of about $0.36 EPS for 2Q 2014 before the etraordinary gains of $0.20 from the sale of Midas Mines. July 24, 2014 at 11:22 a.m. PDT.
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