NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) are advancing, higher by 1.82% to $18.49 in early market trading Tuesday, as the company works with Freeport-McMoRan (FCX) to build an Indonesian copper smelter, which is expected to process 1.6 million metric tons per year of copper concentrate into copper cathode, according to Reuters.
Indonesia's government asked Freeport McMoRan to build this second smelter for about $1.5 billion by the year 2020, in addition to its first smelter expected to be built by 2017 for about $2.3 billion, Reuters reports.
Talks resumed between the miner and Jakarta over the firm's future in the Southeast Asian country following a six-month tax dispute, Reuters added.
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Separately, 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 several 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 unimpressive growth in net income, poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."