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Despite a quarterly beat, a downgrade and rising costs imply near-term downside pressure; the $1.95B JV payment pressures cash flow and margins, leading to a cautious price reaction. Historical downgrades coupled with cost pressures often precede multi-quarter margin weakness.
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Newmont posted a solid Q3 beat on earnings and revenue, yet cost inflation and a broker downgrade weighed on shares. The company amended its Nevada Gold Mines JV with Barrick, indicating a $1.95 billion payment and potential near-term margin impact. With strong cash flow and capex plans like the Red Chris project, the longer-term outlook remains intact despite near-term headwinds.
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