Why Newmont Mining (NEM) Stock Is Up Today

NEW YORK (TheStreet) -- Newmont Mining (NEM)  gained 1.4% to close at $23.99 Tuesday after raising it copper output estimates for 2014 and 2015.

The mining company said it now expects to produce 120,000 to 125,000 metric tons of copper on a consolidated basis in 2014, up from its previous estimates of 80,000 to 95,000 metric tons. For 2015, Newmont Mining expects to produce 250,000 to 270,000 metric tons, up from its prior estimate of 220,000 to 240,000 metric tons.

The miner raised its copper production estimates after settling a tax dispute with the Indonesian government, allowing it to resume shipments from the company, according to Reuters.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Newmont Mining also raised its consolidated gold production estimates for 2015 to between 5.21 million and 5.71 million ounces, up from 5.1 million ounces to 5.4 million ounces.

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

"We rate NEWMONT MINING CORP (NEM) a SELL. This is driven by a number of negative factors, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."

If you liked this article you might like

Gold Is Great Again Thanks to North Korea's Kim Jong-Un

There Is a Silver Lining for Pan American Silver

Newmont Mining Breaks Out in Style With 'Golden Cross'

If There's a Rally, It Won't Last Long

Newmont Mining Preparing to Break Out?