Gold and copper producer Newport Goldcorp announced a $1 billion stock buyback program Monday, which could represent about 3.2% of $NEM shares outstanding. The company also updated on it’s gold production.
Australian gold producers hit an all-time production record in 2018. Australia produced 317 tonnes of gold in 2018, breaking the previous record of 314.5 tonnes set 21 years ago. Gold prices timed the opportunityfor Australia with an all-time record of AUD 1876 per ounce on February 20.
Gold and copper producer Newport Mining reported better than expected fourth quarter earnings Thursday with steady gold and copper production and lower operational costs. NEM agreed to acquire Goldcorp (GG) for $10 billion in an all-stock deal last month.