Newmont Mining (NEM) stock plummeted 5.01% in Friday's trading session, underperforming the broader market. The decline came after the company announced that it would again postpone the final investment decision for its Yanacocha Sulfides project in Peru.
According to the news release, Newmont stated that the postponement would allow the company to prioritize more profitable projects. The Yanacocha Sulfides project, located in Peru's Cajamarca department, is a significant gold, copper, and silver mining operation.
The delay in the investment decision for this project raised concerns among investors about Newmont's future growth prospects and profitability. While the company aims to focus on more profitable ventures, the market reacted negatively to the news, leading to the substantial stock price decline on Friday.
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