The Newcrest Mining Limited (ASX: NCM) share price has slumped 3% lower today in a broad sell-off on the ASX.
The miner's shares climbed more than 5% yesterday despite broad market losses but that momentum was halted overnight.
Aussie gold mining shares soared yesterday as coronavirus fears saw investors sell down their investments.
But with today's dip, could the gold miner's shares be an ASX 200 bargain buy?
Why the Newcrest Mining share price climbed higher yesterday
Newcrest Mining shares closed 5.05% higher at $30.17 per share while the S&P/ASX 200 Index (INDEXASX: XJO) slumped 2.25% lower.
Yesterday afternoon, the ASX 200 gold miner released a copy of a presentation its managing director and CEO Sandeep Biswas was due to deliver to the BMO Global Metals & Mining Conference 2020. The presentation itself mostly reiterates what has put Newcrest in the strong position it is in right now.
Newcrest reported solid performance from its long-life, low-cost assets across Indonesia, Papua New Guinea, Australia and Canada.
The group's all-in sustaining cost (AISC) came in at $795 per ounce for calendar year 2019. They're some impressive numbers from the ASX gold miner which have helped Newcrest shares climb 109.86% higher in the last 5 years.
Newcrest's leverage and gearing ratios are low which has allowed it to maintain its investment-grade credit rating. That, in turn, has contributed to the group's low cost of debt and stable funding structure.
Newcrest recently declared a half-year dividend of US 7.5 cents per share for the fourth year in a row. The Aussie miner continues to target a total dividend payment of 10% – 30% of free cash flow.
All in all, I think it's worth taking a quick glance at Newcrest's half-year results and yesterday's presentation. Strong fundamentals have built a foundation for the Newcrest share price to launch in 2020 and beyond.
Foolish takeaway
Newcrest has made a habit of putting up good numbers and delivering for shareholders. Yesterday's broad market sell-off has already boosted Newcrest Mining shares higher as investors flock to gold.
There are concerns around the impact of Brexit negotiations and the US-China trade war still lurking in the background. I think that could push the ASX gold miner's shares even higher in the second half of the year.
Now could be a good time to buy if you think that the market is set for a downturn. However, with markets at all-time highs, it is a tough market to make money in as a bearish investor.
