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January 27, 2021

Newcrest profits dive

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AUSTRALIA’S largest gold producer, Newcrest Mining, is banking on a better performance inthe second half ofthe financial year – after reduced production and sales resulted in a 51% drop in statutory profit to $A320 million.

Newcrest said its financial results for the six months tothe end of December reflectedthe “transitional nature” of FY13, withthe completion of two major growth projects and encountering production challenges at some operations.

Statutory profit of $320 million was down from

inthe previous corresponding period as a result of lower sales revenue from weaker production.

Total gold revenue for the six-months tipped in at $1.5 billion from gold sales of 956,073oz.

Gold revenue dipped 24% year-on-year while gold sales were down 22%.

The company booked $260 million in total copper revenue, down 17% year-on-year as copper sales retreated 7%, while silver revenue fell 22% to $29 million.

Newcrest ran into a number of operational issues inthe latter half of 2012, including production interruptions at Lihir in Papua New Guineafollowing an electrical faultowhile a conveyor failure at Cadia Valley mine in New South Wales stymlied production.

The operational difficulties were reflected in its production figures, withthe company recording an 18% slip in gold production for the six months to 956,073oz.


Source: PNGindustrynews.net

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