The headlines on Newmont are not great. Free cash flow of $88m in ’23 for the world’s largest gold miner at a time of record gold prices, with a divy cut.

We are very interested, at these levels, but wow that will take some digesting.

Market didn’t like it, stock off a lot. Here’s what the last 10 or quarters look like. The rise in AISC has largely matched the rise in the gold price. So even though the top line on prices received can look good, what flows through gets gobbled up by cost.

This has been true for many miners, but is particularly salient with Newmont, especially with all the M&A activity over the last little while (eating Newcrest, putting these 6 new non core assets up for sale).

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