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Newmont Corporation (NEM) reported record free cash flow of $1.6 billion in Q3 2023, driven by elevated gold prices averaging $3,539 per ounce, compared to $2,518 in the same period last year. Analysts maintain a bullish outlook, with Newmont ranking as a Zacks Rank #1 (Strong Buy) in the top 10% of the Mining – Gold industry.
The company’s strong cash-generating capabilities have not only surpassed Zacks Consensus EPS estimates by an average of 40% over the last four quarters but have also facilitated increased dividends and buybacks.
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