New York, February 5, 2026, 15:13 EST — Regular session
- Shares of Newmont dropped roughly 6.5% during afternoon trading on the NYSE.
- The miner halted operations at its Tanami site in Australia following the death of a worker.
- Gold-miner stocks fell sharply amid a pullback in precious metals.
Newmont shares dropped $7.64, or 6.5%, to $109.21 in afternoon trading Thursday after the company paused operations at its Tanami mine in Australia and gold prices weakened. The stock hit a session low of $108.69 and was last down on heavy volume.
Newmont reported that an employee died after an incident at its Tanami mine in Australia’s Northern Territory on Wednesday. The company announced that “all activities at the Tanami site have been suspended.” It added that emergency response procedures were triggered, authorities informed, and it will cooperate fully with the investigation. (Newmont Corporation)
The decline followed a sharp pullback in commodities, with silver plummeting and gold sliding as investors pulled back from hard assets amid easing geopolitical tensions and a stronger dollar. Christopher Wong, a strategist at OCBC, noted that “sentiment has turned soggy across most asset classes,” while IG analyst Tony Sycamore described the day’s moves as “some aftershocks” following a week of extreme volatility. (Reuters)
Australian authorities have launched an inquiry into the Tanami incident, ABC News reported, citing NT WorkSafe and police sources. NT WorkSafe pointed to “a potential failure of a winch” during a lift as an early factor in the investigation. The Australian Workers’ Union demanded “an open and transparent investigation.” According to ABC, Tanami produces around 400,000 ounces of gold annually and relies on fly-in fly-out workers who commute by air for their shifts. (ABC News)
Gold-miner stocks took a hit across the board. The VanEck Gold Miners ETF dropped roughly 5.1%, with the SPDR Gold Shares fund sliding around 2.2%. Agnico Eagle Mines lost about 3.6%, and Wheaton Precious Metals declined close to 5.2%.
Investors are bracing for Newmont’s upcoming numbers. The miner plans to report its full-year and Q4 2025 results after North American markets close on February 19, with a conference call set for 5:30 p.m. EST. (Newmont Corporation)
Miners face a tricky situation: gold price swings often cause bigger shifts in their stock values since costs don’t drop as quickly as revenues. Then add a halt at an active mine, and the picture gets even more complicated—especially if inspections and repairs drag on past a few shifts.
Newmont hasn’t announced a restart date for Tanami. A prolonged shutdown could put near-term output and costs under scrutiny, even if gold prices hold steady.
A quick rebound or fresh buying interest in bullion might ease the selling pressure. The danger, however, is that metal prices slide further, prolonging caution and delaying output from hitting the market.
February 19 is a key date, with Newmont set to release results and guidance. Investors will also be watching closely for any interim updates from the company or regulators regarding the Tanami investigation and potential restart timeline.
