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Friday, June 18, 2010

Newmont Mining (NYSE:NEM) Continues Upward Run

Gold prices continue to break records, and Newmont Mining (NYSE:NEM) is moving along with them, as the company moved to a new peak on Friday, the third day in a row the company has done that.

Newmont rose to $61.57 as of 2:23 PM EDT, gaining $1.89, or 3.17 percent. The all-time high for the stock is $62.70, which the gold miner is expected to break through, although they could experience a slight correction before they do.

Even though recent news on their Batu Hijau, Indonesian mine wasn't the best, as worse rains then normal have batter the region, causing uncertainty as to whether or not sales from the mine will reach earlier projections.

Newmont shareholders largely ignored the news though, probably considering the significant gold stockpile of the company which they can use to generate sales if gold production drops.

Newmont owns 45 percent of Batu Hijau.

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