The largest gold miner in the world, Newmont (NEM, Financial) shares lost ground in what was a volatile and ultimately down quarter for the price of gold. The Colorado -based company has continued to execute well in what has been a challenging environment. The company recently reaffirmed its full-year 2021 production guidance, but indicated that it was likely to come in at the mid to low point of the range provided as a result of disruptions from Covid-19 as well as severe weather events. It also noted that inflation pressures were likely to push its costs higher in 2021. None of this changes our opinion of the stock, which has historically offered steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet and proven management.
From the First Eagle Investment (Trades, Portfolio) Global Value Team's third-quarter 2021 commentary.
