Newmont Mining Corp NYSE: NEM kopalnie złota, srebra, miedzi

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Newmont (NYSE:NEM) shares are down more than 5% in early Thursday trading after the company reported earnings, missing profit and revenue expectations.

The gold mining company reported Q2 EPS of $0.33, $0.14 worse than the analyst estimate of $0.47, with revenue decreasing 12% YoY, coming in at $2.7 billion versus the consensus estimate of $3 billion.

NEM said it produced 1.24 million attributable gold ounces and 256 thousand co-product gold equivalent ounces in the quarter and is "well positioned for stronger production in the second half of the year."

"In the second quarter, Newmont delivered $910 million in adjusted EBITDA with a disciplined approach to running a safe and sustainable mining business to generate long-term value," said Newmont President and CEO Tom Palmer. "Our business is underpinned by the industry's strongest balance sheet and a global portfolio with the size and scale to make decisions that deliver on our strategy."

Looking ahead, the company said it is on track to achieve its full-year guidance of between 5.7 and 6.3 million ounces of attributable gold production. Newmont said its outlook remains second-half weighted.

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Newcrest investors strongly approve $17 billion Newmont takeover

SYDNEY, Oct 13 (Reuters) - Newcrest Mining (NCM.AX) shareholders have voted strongly in favour of accepting the A$26.2 billion ($16.81 billion) buyout bid from global gold mining giant Newmont Corporation (NEM.N), Australia's largest corporate takeover this year.

The company announced on Friday that 92.63% of the votes cast by Newcrest shareholders were in favour of the deal going ahead, exceeding the requirement for at least 75% support.

A Federal Court hearing is due to be held on Tuesday, in the final step for the takeover to be ratified.

On Wednesday, Newmont shareholders meeting in the U.S. voted more than 96% in favour of the world's largest gold producer buying its Australian rival.

The deal is the third-largest ever involving an Australian company, LSEG data showed, and one of the biggest global buyouts in 2023.

Newmont said in May it would offer Newcrest shareholders 0.400 Newmont share for each share held, after Newcrest's board in February rejected an earlier offer of 0.38 Newmont shares.

Newmont is also allowing Newcrest to pay a franked special dividend of up to $1.10 per share on the implementation of the deal, returning tax credits to Australian shareholders.

Newcrest last week said Newmont had received all government regulatory approvals required for the deal to go through, including from Australian Foreign Investment Review Board and competition authorities in Australia, Canada and Papua New Guinea.

Mergers and acquisition activity in Australia has fallen 25.7% in the first three quarters of 2023 compared to the same time last year, according to LSEG data.