1012 ET - Newmont is getting a sweet bargain for its piece of Nevada, according to TD Cowen's Steven Green in a note. The analyst says the $1.95 billion payout to Barrick is "well below" his $6.6 billion implied valuation for Newmont's 38.5% share of Fourmile, handing Newmont a "very attractive price" and an estimated $4.7 billion value uptick. Barrick also wins, Green notes, by bringing Fourmile into NGM early which should eliminate the need for a costly bankable feasibility study, leverage existing local infrastructure and could possibly save the JV in excess of $1B.
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