A recent run higher has hit a pause for Newmont Corporation (ASX: NEM) shares on Friday.
The move comes as the market digests new information from one of its key assets.
At the time of writing, the Newmont share price is down 0.28% to $156.61. That follows a weaker stretch over the past week, with the stock now down almost 7% over that period.
The pullback sits against a solid 12-month run. Over the past year, the shares are still up close to 80%.
With the stock sitting near recent highs, even smaller updates are getting more attention.
And that appears to be the case today.
Cadia operations update draws focus
According to the release, Newmont provided an update on its Cadia operation in New South Wales following a magnitude 4.5 earthquake earlier this week.
The company said all personnel were accounted for, with safety protocols activated immediately after the event. Underground workers were moved to designated safe areas and later returned to the surface under standard procedures.
Initial inspections identified some damage in certain underground sections, though it has been described as limited in scale.
Processing operations have continued and are being ramped back up to normal throughput levels.
Production impact expected to be limited
Newmont also confirmed that surface infrastructure, including tailings facilities and dams, was inspected following the earthquake.
No damage has been identified across those critical assets at this stage.
Based on current assessments, near-term production from Cadia is not expected to be materially impacted.
Work is still ongoing underground to determine the full recovery timeline and whether there could be any longer-term effects on output.
Cadia is a key asset, so any disruption will draw attention, especially when early signs point to a minor operational impact.
Recent weakness comes after strong run
After a strong rally through the past year, the stock was trading near recent highs before easing back this week.
Moves like this are common after a large run, especially when new information adds some uncertainty, even if the impact is limited.
Gold price movements have also played a part, with prices holding near recent highs after a steady rise in recent months.
Foolish Takeaway
The update points to limited damage and no clear hit to near-term production, which takes some pressure off.
Even so, the stock has already had a decent run, and short-term moves can turn quickly when sentiment shifts.
Personally, I would be comfortable watching this one rather than chasing it here, especially with the current volatility.
The post Newmont shares slip as Cadia update puts investors on alert appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.