Newcrest Mining Stock in 2025: What ASX Investors Must Know About Newmont (ASX:NEM) Before the Market Opens on 17 November

When Australian markets open on 17 November 2025, anyone typing “Newcrest Mining Limited share price” into a search bar is really asking a different question:

“What’s happening with Newmont (ASX:NEM), and how are Newcrest’s old assets performing inside the world’s biggest gold miner?”

That’s because Newcrest Mining Limited (ASX: NCM) no longer trades on the ASX. It was acquired by Newmont in 2023 and delisted that November, with shareholders rolled into Newmont stock. ^[1]

If you want to be prepared before the bell on Monday 17 November 2025 (Australia), here’s what you actually need to know.

1. Reality check: Newcrest (ASX:NCM) is gone – the real ticker is Newmont (ASX:NEM)

A quick history refresher:

In 2023, Newmont agreed to acquire Newcrest in a deal worth around US$17–19 billion, offering 0.400 Newmont shares for each Newcrest share. ^[2]
The scheme became legally effective on 18 October 2023, and Newcrest shares stopped trading on the ASX after the close on 26 October 2023. ^[3]
Newmont CHESS Depositary Interests (CDIs) began trading on the ASX under code NEM from 27 October 2023, with normal trading from 7 November 2023. ^[4]
Newcrest was formally delisted from the ASX on 8 November 2023 at its own request, with deListed.com and the ASX confirming that shareholders received 0.4 Newmont securities per Newcrest share. ^[5]

Some data providers still show the NCM ticker with a static price or historic data and label it as “DELISTED” or “outdated,” which is exactly what it is. ^[6]

There are thinly traded OTC tickers like NCMGF and NCMGY in the U.S., but quotes show negligible volume and no dividends – they’re legacy instruments rather than a live Australian listing. ^[7]

Bottom line: if you’re in Australia and care about “Newcrest,” the code to watch when the market opens on 17 November 2025 is NEM, not NCM.

2. Where Newcrest lives now: inside Newmont’s Australian and PNG portfolio

Newcrest didn’t disappear; its mines simply moved under Newmont’s umbrella. Key former Newcrest assets now inside Newmont include: ^[8]

Cadia (NSW) – one of the lowest-cost large gold-copper mines globally and a Tier‑1 asset in the Macquarie Arc.
Lihir (Papua New Guinea) – a huge, long-life, high-grade gold operation on Lihir Island.
Brucejack and Red Chris (Canada) – high-grade gold and copper projects in British Columbia.
Tanami (NT) & Boddington (WA) – already in Newmont’s portfolio, but their importance has grown inside the much larger combined group.

Newmont has repeatedly said the Newcrest acquisition should deliver around US$500 million in annual pre‑tax synergies once fully integrated, via cost savings, supply chain efficiencies, and operational “Full Potential” improvements, targeting full run-rate by roughly 2025–2026. ^[9]

For former Newcrest investors, that means your exposure is no longer to a single-region mid/large cap, but to a globally diversified mega‑cap gold and copper producer where Australia and PNG remain strategically central.

3. Newmont’s latest results: four quarters of billion‑dollar free cash flow

The most important fresh information heading into 17 November 2025 is Newmont’s recent earnings and guidance.

Q3 2025: record free cash flow, better cost guidance

On 23 October 2025, Newmont reported its third‑quarter 2025 results: ^[10]

Gold production: about 1.4 million ounces (plus 35,000 tonnes of copper).
Net income: around US$1.8 billion, with adjusted net income ≈ US$1.9 billion.
Adjusted EBITDA: roughly US$3.3 billion.
Free cash flow: a record US$1.6 billion, the fourth consecutive quarter above US$1 billion.
Cost and capital guidance: management improved 2025 cost and capital guidance, citing strong progress on cost‑saving initiatives announced earlier in the year.
Dividends & buybacks: another US$0.25 per share dividend declared, plus continued share repurchases, leaving US$2.7 billion remaining under a US$6 billion buyback program.

Newmont also highlighted a near‑zero net debt position after reducing debt by US$2 billion and ending Q3 with US$5.6 billion in cash and US$9.6 billion of total liquidity, supported by a credit‑rating upgrade to A3 by Moody’s. ^[11]

Q2 & Q1 2025: cost cuts bite as gold soars

Earlier in 2025:

Q2 2025: Newmont generated around US$1.7 billion in free cash flow, beat profit expectations, and saw its stock jump on results. All‑in sustaining costs (AISC) dropped about 4% to ~US$1,593/oz, helped by synergies and higher grades. ^[12]
Q1 2025: the company reported record first‑quarter cash flow of about US$1.2 billion, with revenue up roughly 25–30% year‑on‑year, mainly driven by higher gold prices and the contribution from Newcrest assets. ^[13]

Takeaway for a “Newcrest” holder: the combined company is throwing off very large amounts of cash in 2025, largely thanks to Newcrest’s Tier‑1 assets plus a historic gold bull market.

4. “Project Catalyst”: restructuring impacts 16% of jobs

The flip side of those strong numbers is an aggressive restructuring program.

In early November 2025, Reuters reported that Newmont’s global overhaul following the Newcrest acquisition — internally dubbed “Project Catalyst” — has impacted about 16% of jobs at the company. ^[14]

Key points from the internal memo cited:

Job changes include role eliminations, unfilled vacancies, and changes in role levels.
Roughly 12% of roles at higher operational levels (superintendents, leads, specialists) and about 10% at lower levels (advisors, officers, operators, maintainers) were affected. ^[15]
Management says the restructuring finished one month ahead of schedule to reduce uncertainty for staff and is one of several steps in 2025 to cut the cost base and lift productivity.

For investors looking at the legacy Newcrest operations, this matters in two ways:

Margin expansion – cost cuts and synergies are a big part of the bullish case for Newmont post‑Newcrest.
Execution & social risk – large layoffs can hurt culture, safety, community relations and operational stability if mishandled.

The integration story is not just about numbers; it’s also about whether the new organisation can operate complex mines like Cadia, Lihir and Tanami safely and efficiently over decades.

5. Portfolio clean‑up: divestments from Canada to Telfer & Havieron

Newmont promised >US$2 billion in asset sales after acquiring Newcrest, and it has been busy. ^[16]

Canadian assets & equity holdings

Since late 2024, Newmont has sold several Canadian mines, including Éléonore, Musselwhite and its stake in Porcupine, raising more than US$2 billion as part of portfolio optimisation. ^[17]
In September 2025, it sold its entire 43 million‑share stake in Orla Mining for about US$439 million, at US$10.14 per share, as part of its divestiture push and to streamline its equity portfolio. ^[18]

Telfer & Havieron: from Newmont to Greatland

Former Newcrest assets Telfer (gold‑copper mine in WA) and Havieron (nearby gold‑copper project) are no longer in Newmont’s hands:

In September 2024, Newmont agreed to sell Telfer and its 70% stake in Havieron plus associated Paterson region interests to Greatland Gold for up to US$475 million in cash and shares. ^[19]
The transaction completed in December 2024, giving Newmont a 20.4% stake in Greatland as part of the consideration. ^[20]
By mid‑2025, Newmont had sold roughly half of that Greatland stake, realising an approximate 230% return on the shares received in the Telfer‑Havieron deal. ^[21]
Greatland’s 2025 AGM materials show it produced about 198,000 ounces of gold at an AISC of ~US$1,849/oz and generated ~US$601 million in operating cash flow in its first seven months operating Telfer, emphasising how valuable these ex‑Newcrest assets can be in the right portfolio. ^[22]

For former Newcrest holders now in Newmont, the message is clear: not all of Newcrest’s former mines remain in Newmont, but Newmont has turned several of them into cash and equity gains, using proceeds to de‑lever, buy back stock and focus on its highest‑return assets.

6. Governance & listings: CEO change, TSX delisting, CFO turbulence

A few corporate developments are also worth having in mind before Monday’s open.

CEO transition at year‑end

Newmont CEO Tom Palmer plans to retire on 31 December 2025 after nearly 40 years in mining. He’ll stay on as a strategic adviser into early 2026. ^[23]
Natascha Viljoen, currently President & COO, will become Newmont’s CEO from 1 January 2026, making her the company’s first female chief executive in its 100+ year history. ^[24]

This kind of leadership handover is usually well‑telegraphed, but markets may still react around the actual transition — especially if there are changes to strategy, capital allocation or dividend policy under the new CEO.

TSX delisting but ASX listing retained

On 10 September 2025, Newmont applied for a voluntary delisting from the Toronto Stock Exchange (TSX) due to low trading volumes, saying the move should improve administrative efficiency and cut costs. ^[25]
It will keep listings on the NYSE, ASX and PNGX, and did not seek shareholder approval, arguing sufficient liquidity exists on those other exchanges. ^[26]

For Australian investors, that means ASX: NEM remains a core listing, and some Canadian capital may gradually migrate toward the NYSE and ASX lines.

CFO resignation earlier in 2025

In mid‑2025, Newmont’s Chief Financial Officer, Karyn Ovelmen, resigned, leading to a one‑day share price drop of around 5–6%, with the company saying her departure wasn’t linked to disagreements about accounting or financial reporting. An interim CFO (also Chief Legal Officer) is in place while a replacement is sought. ^[27]

While one executive exit doesn’t define the investment case, the combination of a CFO change, large restructuring and a CEO transition makes governance a live talking point for any long‑term holder.

7. ESG & regulatory issues: Cadia’s clean‑air fine and safety concerns

Former Newcrest assets also come with their own environmental and safety baggage.

Cadia dust pollution case

In March 2025, Newmont’s Cadia gold mine in NSW — previously Newcrest’s flagship asset — was convicted of three breaches of clean‑air laws and fined A$350,000 after a prosecution by the NSW Environment Protection Authority. ^[28]

Cadia Holdings (trading as Cadia Valley Operations) pleaded guilty to emitting dust with heavy metals at levels well above regulatory limits between 2021 and 2023.
The court also ordered Newmont to pay the EPA’s legal costs, install a dust tracking system, and publicise the ruling via newspapers and social media. ^[29]
Newmont said it had fixed the issues and has been compliant since August 2023, acknowledging its performance “fell short” of expectations. ^[30]

Safety litigation

Separate Australian reporting has highlighted a Federal Court lawsuit by Newmont’s former group safety executive, alleging serious safety concerns and under‑reporting of incidents at some sites, including Boddington in WA. Newmont denies the claims and says it will vigorously defend them. ^[31]

These issues don’t automatically derail the investment case, but they affect reputational risk, potential capex (for remediation/controls), and regulatory oversight, all of which sophisticated investors will weigh before adding to positions.

8. The macro backdrop: gold at record highs – and very jumpy

If you owned Newcrest in the past, you already know: your fate is chained to the gold price.

2025 has been an extraordinary year for gold:

Spot gold broke through US$4,000/oz for the first time on 8 October 2025, after already setting dozens of new all‑time highs earlier in the year. ^[32]
Gold briefly reached around US$4,380/oz in late October before suffering a 5.3% single‑day plunge to about US$4,125/oz on 21 October, the sharpest drop since 2013. ^[33]
Even after that correction, gold is still up well over 50% year‑to‑date, trading around US$4,100–4,200/oz in mid‑November. ^[34]

According to the World Gold Council and mainstream financial press:

The rally has been fuelled by expectations of interest‑rate cuts, geopolitical tensions, record ETF inflows, and central‑bank buying. ^[35]
The S&P Global Gold Mining Index is up around 126% in 2025, meaning gold miners have actually outperformed AI high‑flyers and even bitcoin this year. ^[36]

That’s a dream backdrop for a company like Newmont, but it also raises the obvious question: how sustainable is this? If gold corrects further, leveraged names like Newmont could feel it quickly.

9. How Newmont (ASX:NEM) has traded into mid‑November 2025

Exact intraday prices will update right up to the close before 17 November, but we can still sketch where things stand.

From ASX data collated by MarketIndex:

Newmont’s ASX‑listed CDIs (NEM) have delivered a huge 1‑year relative performance, beating the ASX 200 by about 115 percentage points over the past year. ^[37]
Dividend history on the ASX line shows regular quarterly payments, translating to roughly US$1.08–1.54 per share annually in recent periods, with a yield around 1.5–2% depending on the share price and FX. ^[38]

The next dividend: a near‑term catalyst

Newmont’s Q3 2025 release and ASX announcements confirm:

A US$0.25 per share dividend for Q3 2025. ^[39]
On the ASX, that equates to an unfranked distribution of about A$0.27 per CDI, with key dates:
- Ex‑dividend date: 25 November 2025
- Record date: 26 November 2025
- Payment date: 22 December 2025 ^[40]

That upcoming ex‑dividend date just over a week away is something traders will have in mind as they position before and after the 17 November open.

10. Key things to watch before the ASX opens on 17 November 2025

For someone who once owned Newcrest or is thinking about Newmont today, here’s a simple pre‑open checklist.

1. Overnight moves in gold

Check how gold traded in late New York and early Asian hours:

With gold above US$4,000/oz and volatility elevated, a 2–3% overnight move can easily translate into a meaningful gap up or down for ASX gold majors like Newmont. ^[41]

2. Any fresh Newmont headlines

Look for:

Additional asset sales or acquisitions (Newmont is still refining its portfolio). ^[42]
Updates on restructuring or integration beyond what was disclosed in early November. ^[43]
Any operational issues at key sites like Cadia, Lihir, Boddington or Tanami. ^[44]

Given recent focus on layoffs and divestitures, even relatively small updates can shift sentiment.

3. Market tone towards gold miners generally

Global coverage in October and November has highlighted that:

Gold miners have outperformed AI stocks and bitcoin in 2025, drawing in momentum money. ^[45]
Analysts and big investors are warning that discipline is essential to avoid repeating the over‑spend of the 2011 boom. ^[46]

If the broader gold‑mining complex is selling off on bubble worries or policy headlines, Newmont will rarely be immune.

4. The dividend angle

With an ex‑div date on 25 November, some investors may:

Buy ahead of the record date for income.
Or choose to take profits before the dividend, especially after a big share‑price run.

Either way, the dividend timetable is a real near‑term technical driver for NEM on the ASX. ^[47]

11. Is “Newcrest stock” still worth following?

One interesting strand of Australian commentary in 2025 has argued that Newcrest’s sale “short‑changed” local investors, noting that:

Independent experts described the Newmont offer as not clearly generous at the time.
Since completion, Newmont’s shares have rallied strongly, while other Aussie gold names like Northern Star and Evolution have at times outperformed even that. ^[48]

In other words, some investors now see the Newcrest deal as another example of Australia selling world‑class resource assets too cheaply to offshore buyers.

However, if you accepted the scheme and now hold Newmont, you’ve benefited from:

The historic gold bull market. ^[49]
Newmont’s huge cash generation and buyback program. ^[50]
A shift from a single‑stock, single‑listing exposure to a global miner with NYSE, ASX and PNGX listings and a broader asset base. ^[51]

For anyone new looking at “Newcrest stock” on 17 November 2025, the practical takeaway is simple:

There is no Newcrest stock on the ASX anymore.
If you want exposure to those former assets, you’re really analysing Newmont (ASX:NEM / NYSE:NEM) — plus, if you’re adventurous, spin‑off plays like Greatland that picked up assets like Telfer and Havieron. ^[52]

12. Final word (and a quick disclaimer)

Heading into the 17 November 2025 open in Australia, here’s the distilled picture:

Newcrest is delisted; Newmont (NEM) is your proxy. ^[53]
The combined business is currently printing cash thanks to record gold prices, cost cuts and Newcrest synergies. ^[54]
Risks to watch include gold‑price volatility, execution on restructuring, ESG and regulatory issues at assets like Cadia, and leadership transitions at the top of the company. ^[55]
A near‑term dividend and still‑elevated sector sentiment provide both support and the potential for sharp moves as traders reposition. ^[56]

This article is general information only, not personal financial advice. Before making any investment decision about Newmont, other gold miners, or related ETFs, consider your risk tolerance, time horizon and tax position, and if needed, speak with a licensed financial adviser.

Newcrest/Newmont & Potential S&P/ASX Changes