Lucky then luckierNEM got a pretty good deal when they exchanged cash for a percentage of the NCM shares. Was that just luck?
Then today we find out that two major copper mines have shut down. Las Bambas (MMG) and Cobre Panama (Majestic).
One of the reasons that NEM acquired NCM was to increase its exposure to copper.
The impact of these mine closures may not be felt right away, but it should have a bearing on the price of copper which is sure to have a positive effect on Newmont's bottom line.
Of course, today's spike in the price of gold doesn't hurt either.