# Newmont Moat

Status: published. Policy: company-analysis-1.

Newmont has substantial productive assets, mining rights and demonstrated cash generation, but the passages do not establish a durable advantage over competing producers. Deposit quality could support a cost advantage, yet relative costs and economic reserve replacement are unestablished. Realized metal prices increased strongly, while benchmark-linked pricing provides little evidence of company-specific pricing power. Operating improvements and completed projects coexist with rising gold unit costs, impairments, operational disruptions and regulatory constraints.

## intangible_assets

Mining concessions and substantial reserves provide current productive capacity and a potential resource-based advantage. Their scarcity and superior economics relative to competing deposits are not demonstrated, so this is not an established moat.

Durability: Ahafo North entered commercial production with an initial thirteen-year mine life. Portfolio-wide economic durability remains dependent on reserve replacement, costs, metal prices and continuing legal access.

Risks: Gold unit costs rose during 2023–2025; Yanacocha incurred impairment; Cadia temporarily suspended operations; a Ghana shipment was blocked. Ghana's adopted royalty framework may capture more upside, while proposed lease changes could weaken future access. The NGM dispute is Newmont's allegation, not an adjudicated finding.

Invalidation: The candidate advantage would be undermined by sustained reserve depletion without economic replacement, repeated impairments, prolonged operating or export restrictions, or persistent cost deterioration. Establishing a moat would require sustained comparable cost superiority and economic reserve replacement through weaker metal prices.

Competitors: Not established
- [https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/nem-20251231.htm](https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/nem-20251231.htm) · 2026-02-19
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- [https://www.sec.gov/Archives/edgar/data/1164727/000116472725000011/nem-20241231.htm](https://www.sec.gov/Archives/edgar/data/1164727/000116472725000011/nem-20241231.htm) · 2025-02-21
- [https://www.sec.gov/Archives/edgar/data/1164727/000116472724000016/nem-20231231.htm](https://www.sec.gov/Archives/edgar/data/1164727/000116472724000016/nem-20231231.htm) · 2024-02-29
- [https://www.sec.gov/Archives/edgar/data/1164727/000116472726000019/nem-20260331.htm](https://www.sec.gov/Archives/edgar/data/1164727/000116472726000019/nem-20260331.htm) · 2026-04-23

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