Newmont Mining slides as 2014 outlook disappoints

Newmont Mining tumbles to multiyear low as 2014 outlook disappoints investors

Associated Press

NEW YORK (AP) -- Newmont Mining's stock slid to a multiyear low on Friday as the company's 2014 outlook disappointed investors.

On Thursday Newmont Mining Corp. said that it foresees 2014 consolidated gold and copper production of about 5 to 5.3 million ounces and 160 to 175 thousand tonnes, respectively.

Michael Dudas of Sterne, Agee & Leach said in a client note that the gold forecast is below his estimate of 5.5 million ounces. The analyst said that Newmont Mining's North American production outlook of 1.55 to 1.65 million ounces is significantly below his estimate of 1.9 million ounces.

Dudas nonetheless reaffirmed a "Buy" rating and $36 price target.

Shares of Newmont Mining dropped $2.41, or 10 percent, to $21.69 in afternoon trading. The stock fell to $21.27 earlier in the session, its lowest point since November 2008.

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