Why Newmont Mining Rallied in February
Shares of gold miner Newmont Mining (NYSE: NEM) rallied 15.7% in February, according to data from S&P Global Market Intelligence.
Newmont is the largest mining company in the world that primarily mines gold, while it also generates ancillary revenue from byproducts copper, zinc, silver, lead, and other metals.
But as Newmont is primarily a gold producer, the stock is heavily levered to gold prices. Gold prices rose during February, bolstering shares, while Newmont also delivered fourth-quarter earnings above consensus. Moreover, a dispute with its JV partner on a certain project actually helped bolster investor sentiment on top of all that.
Source Fool.com
