Are Tides Turning For Newmont Corporation Stock?

Are Tides Turning For Newmont Corporation Stock?

BRAZIL - 2021/10/30: In this photo illustration the Newmont Mining Corporation logo seen displayed ... [+] on a smartphone and on the background. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

The shares of Newmont Corporation (NYSE: NEM) have skyrocketed to the highs of $83 since early January, assisted by surging commodity prices including gold and copper. The company is the largest producer of gold in the United States. Notably, gold and other mineral sales account for 85% and 15% of total revenues, respectively – indicating the company’s huge dependence on commodity cycles. In 2011, gold prices reached all-time highs of $2,300/ounce - similar to the trends observed this year. Given the strength in gold futures contracts expiring in 2023, investors have been optimistic on NEM stock. Trefis highlights the historical trends in revenues in an interactive dashboard analysis on Newmont’s revenues.