The soaring price of gold will provide a major tailwind to Newmont Corporation’s ASX-listed shares, and could more than offset the company’s recent poor trading, analysts at Citi have told their clients as they initiate coverage on the stock.

New York-listed Newmont merged with local gold mining giant Newcrest last year, with the company maintaining a secondary listing on the ASX since that time. It now controls 19 assets including the Cadia mine in NSW and the Lihir mine in Papua New Guinea.