National Bank last night downgraded Newmont (NEM) to Sector Perform from Outperform with a price target of $130, down from $140. The company’s costs are rising from higher diesel prices, a new tax framework in Ghana, and the operations pause at the Cadia mine, the analyst tells investors in a research note. The firm also believes Newmont’s Q! EBITDA will be hurt by lower production at Boddington related to bush fires, scheduled downtime at Nevada Gold Mines and higher operating costs in Ghana.
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