Newmont Mining (NEM) Plummets on Friday

NEW YORK (TheStreet) -- Newmont Mining (NEM) plummeted on Friday, falling 10.6% to $21.54 by midafternoon.

A day earlier, the Denver-based business announced it had achieved 2013 production targets and provided its 2014 outlook.

Over the fourth quarter, the miner achieved attributable gold production of 1.5 million ounces, resulting in full-year attributable production of 5.1 million ounces, at the top end of its guidance range of 4.8 to 5.1 million ounces.

Copper production came in at the high end of guidance, as well. Over the fourth quarter, attributable copper production of 38 million pounds resulted in full-year attributable copper production of 144 million pounds, in line with the guidance range of 135 to 145 million pounds.

"We significantly improved costs and efficiency while achieving exceptional safety performance in 2013," said CEO Gary Goldberg in a statement.

To the year ahead, Newmont said it projects gold and copper production projects to stabilize and continued reduction of costs and capital expenditures.

Newmont expects consolidated 2014 gold and copper production of approximately 5 to 5.3 million ounces and 160 to 175 thousand tonnes, respectively. Over 2014, the company will apply a gold price assumption of $1,300 an ounce, down from $1,400 an ounce as a result of all asset impairment testing and 2013 reserves calculation.

TheStreet Ratings team rates NEWMONT MINING CORP as a Sell with a ratings score of D+. The team has this to say about their recommendation:

"We rate NEWMONT MINING CORP (NEM) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and generally high debt management risk."

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