Newcrest Mining share price ASX NCM

Newcrest Mining (NCM)

Newcrest Mining Limited is a gold mining exploration and production company. The Company's exploration projects include Telfer and Boddington which are located in Western Australia. The Company also is developing and exploring at the Cadia Hill and Ridgeway projects in New South Wales and the Gosowong project in Indonesia.

Our Commentary: Updated 8th February 2013

Newcrest Mining released its 1H13 results, reporting profits fell 51% to $320 million. The decline was attributed to lower than expected gold production, which resulted from processing lower grade ore, lower recoveries, and plant interruptions at its operations.

1H13 gold production dropped 18% to 953,331 ounces whilst copper production climbed 3% to 38,525 tonnes.

Unit cash costs totalled $715 per ounce. The firm also announced an unfranked interim dividend of $0.12 to be paid on 16 April 2013. Newcrest said that it expects production to increase in the second half and should be on track to meet the lower end of its FY13 production guidance.

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