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Speaker 1: All right.

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Speaker 2: One stock we're also watching, we see in the commodity

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Speaker 2: space is New Mint Mining, so that those shares are

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Speaker 2: gowned by about five ten to one percent. Our guest

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Speaker 2: research cutting its reading to hold from buy, saying the

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Speaker 2: gold prizes are treating and you're the top end of

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Speaker 2: their five year range and might not substantially move higher.

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Speaker 2: Joining us now from the BMO Global Medals and Mining

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Speaker 2: Conference is Tom Palmer, President and CEO of New Mint. Hey, Tom,

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Speaker 2: it's great to see you again, Thanks so much for joining.

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Speaker 1: Thanks for having me Alex.

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Speaker 2: So basically, gold price isn't going to go much further

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Speaker 2: from here, so therefore neither can you stock. What do

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Speaker 2: you say to that?

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Speaker 1: From argus, our stock is at a once in a

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Speaker 1: generational price. Last week was a big week for Newmont.

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Speaker 1: We announced following our big acquisition of New Crest, a

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Speaker 1: go forward portfolio that's never been seen before in the

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Speaker 1: gold industry. It's all tier one operations, it's got great

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Speaker 1: exposure to copper, it's got some great projects sitting in

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Speaker 1: behind it. If you come into New Month stock now

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Speaker 1: and ride the value with us back us, you're going

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Speaker 1: to go for a journey with ours. It will significantly

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Speaker 1: increase that stock from where it is today.

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Speaker 2: Thank come on laughing, as that was a CEO answer

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Speaker 2: if I've ever heard one. On the flip side, though,

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Speaker 2: you're looking at cutting the quarterly dividend when you reported,

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Speaker 2: and you had to reset your dividend policy in part

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Speaker 2: because you're absorbing New Crest and you have to sell

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Speaker 2: a lot of assets to kind of make this acquisition happen,

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Speaker 2: and you have to deal with synergies and stuff. Part

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Speaker 2: of that is two billion dollars in cash sale of assets.

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Speaker 2: How's that going?

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Speaker 1: All? Going to? Plan alexis what we announced back in

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Speaker 1: May of last year when we out Sadial. We said

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Speaker 1: the B synergies, We said the B be two billion

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Speaker 1: dollars of cash from portfolioptimization. We expected to adjust our

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Speaker 1: capital location to match the Transform business. We'll get our

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Speaker 1: balance sheet nice and fit. We'll pay a one dollar

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Speaker 1: share based dividend. We'll get two bion dollars of proceeds

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Speaker 1: at least coming in from those divestments, and a good

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Speaker 1: portion of that money will go towards our one bion

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Speaker 1: dollar share buyback. Everything consistent with what we announced in

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Speaker 1: May of last year.

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Speaker 2: How soon do you think those di investments will come

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Speaker 2: tom and once they are done, where does that put

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Speaker 2: Newmont next.

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Speaker 1: We committed to work through six assets that we held

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Speaker 1: for devestment. We've worked through those through the course of

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Speaker 1: the next twelve months. Processes started with two of them.

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Speaker 1: There's a bunch of North America that will start in

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Speaker 1: the next month or so. So we're on track, got

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Speaker 1: clear plans to have that work through over the course

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Speaker 1: of this year. Our focus is on delivering the value

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Speaker 1: and the synergies from our go forward Tier one portfolio.

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Speaker 1: That's our focus for twenty twenty four. Get beyond that,

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Speaker 1: We've got some very big copper gold projects sitting in

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Speaker 1: the wings waiting to increase our exposure to copper in

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Speaker 1: twenty five, twenty six and beyond. Really exciting time. Are

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Speaker 1: those new projects?

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Speaker 2: Are they of the same cost effectiveness as what you

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Speaker 2: have now?

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Speaker 1: We have projects that are the envy of not only

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Speaker 1: the gold mining industry, of the mining industry. We have

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Speaker 1: three big copper gold projects, one in British Columbia, one

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Speaker 1: in Peru, in Papua New Guinea. They are of US

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Speaker 1: scale that is the match of any copper mining gold

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Speaker 1: mining company, A really exciting project pipeline that we have

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Speaker 1: sitting there waiting to be implemented.

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Speaker 2: Mark Bristol might challenge you on that, Tom, but fair enough, Tom,

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Speaker 2: I'm curious as to how running your business in terms

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Speaker 2: of your imput cost, your labor, your energy costs. What

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Speaker 2: are you noticing, what's the trend, what's this year going

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Speaker 2: to be for you on that front.

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Speaker 1: Everything's pretty consistent is what we're predicting for this year,

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Speaker 1: and probably pretty consistent with what we saw last year,

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Speaker 1: So there is some stability in terms of our cost base.

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Speaker 1: What also comes as we transform our business will be

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Speaker 1: about thirteen hundred dollars an ounce this year is what

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Speaker 1: we've guided to, but as we bring on new ounces

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Speaker 1: and improve costs with our Transform portfolio over the next

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Speaker 1: two or three years, we'll bring that down to one

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Speaker 1: one hundred and fifty dollars an ounce, So really strong

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Speaker 1: margins out of our portfolio. So it's a combination of

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Speaker 1: focus on cost, productivity and provemos, but also new ounces

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Speaker 1: that we're investing in to bring on board over the

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Speaker 1: next two or three years.

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Speaker 2: Tom. As inflation sort of rolls over as thefad winds up,

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Speaker 2: cutting rates have you had bitcoin ets, maybe ether ETFs

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Speaker 2: coming onto the market. Do you feel like that's just

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Speaker 2: going to at some point stop gold's rise. There're just

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Speaker 2: other assets and other macro factors. It's going to make

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Speaker 2: gold as an asset class less appealing, which then filters

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Speaker 2: down to numont stock.

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Speaker 1: We're pretty excited about the long term view of gold.

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Speaker 1: We wouldn't we wouldn't have the size of T one

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Speaker 1: portfolio that we have. We've got ten T one operations

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Speaker 1: in our portfolio. We're very We're very excited about the

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Speaker 1: potential of goal, the long term potential of goal. But

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Speaker 1: the key is to have a margin to whatever that

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Speaker 1: goal price is. So when you're running at eleven twelve

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Speaker 1: hundred dollars an ounce, you've got a great margin. You're resilient,

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Speaker 1: means you can be generating cash through the cycle, and

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Speaker 1: that's our focus with our long term portfolio.

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Speaker 2: Hey Tom, great to see you. Thanks love for joining us.

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Speaker 2: We really appreciate Tom Palmer, newmand president and a chief

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Speaker 2: executive officer joining us from the BIMO a Capital Metal

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Speaker 2: and Mining conference.