Newmont's stock just tanked 4.4% after they had to shut down operations at their Cadia mine in Australia. There was a 4.5 magnitude earthquake on April 14th followed by some aftershocks, pretty wild stuff. The good news is all the underground workers got out safely, no injuries which is the main thing. But here's the thing - Cadia is huge for them, like one of Australia's biggest gold and copper operations. So if this disruption drags on, it could actually impact their output pretty significantly. They're doing inspections now to figure out when they can restart. Stock's trading around $114 right now. Wondering how long this pause is gonna last, because Cadia is a major revenue driver for them. Market cap sitting at about $125 billion but could feel more pressure if the mine stays down for weeks.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin