Gold miner Newcrest tanks after potential buyer Newmont misses profit estimates

National CineMedia

21/07/2023 06:28

** Australia's top gold miner Newcrest Mining Ltd  NCM.AX 
tanks as much as 5.4% to A$26.160, marking their biggest
intraday pct loss since Sept 26, 2022
    ** Newmont Corp  NEM.N , which is in the process of buying
NCM for A$26.2 bln ($17.75 bln), missed 2Q23 profit estimates on
lower production and higher costs
    ** NEM also withdrew annual outlook for its Penasquito mine
in Mexico due to a labour strike
    ** NEM stock finished 6% lower on Thursday after reporting
its results
    ** NCM trading at its lowest level since June 26
    ** More than 2.8 mln NCM shares change hands, vs the 30-day
average of 2.4 mln shares
    ** NCM among top five losers in the ASX 200 benchmark index
 .AXJO 

    ($1 = 1.4758 Australian dollars)
    

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))