Newmont (NEM US) shares soared to a 9-month high overnight, the largest gain in four years, on higher gold production. It reported Q1 adjusted net income of 55c per share, up from 40c a year ago; expectations were only 37c. Old Newcrest shareholders will be happy with NEM set to power ahead on the ASX this morning.
- We like NEM initially targeting the $US55 area, or ~25% higher.
MM is bullish on NEM and the gold sector
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