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Still, with a likely FY2009 revenue gain of 6-7%, I'm Reiterating my Buy rating for the company, first recommended on June 3, 2009 at a price of $46.42.
Longer term, a stabilizing Chinese economy (copper pipes and electrical wires for housing and commercial buildings), and increased purchase of gold as an alternative investment, and the underproduction of gold, bode well for NEM. Gold will also see some action as an inflation hedge, particularly if inflation re-heats and/or the dollar continues to weaken in 2010 versus the world's other, major currencies. The First Call FY2009/FY2010 EPS estimates for NEM are $2.13 to $2.78.
Stock Analysis: Newmont Mining is a moderate risk stock. If you've already purchased the company's shares, hold them. If not, consider buying a 25% position in NEM now; then buy another 25% in three months, if U.S. and global economic conditions don't worsen substantially. Under any circumstance, don't buy more than 50% of your NEM position before December 2009. Sell/Stop Loss if you were to buy shares in this company: $22.
Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.
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