- Newcrest mining’s profits jumped to $561 million during the 2019 financial year. Increases in gold production was a big contributer to the profits gained
- Newcrest’s fully owned Cadia project reached record levels of copper and gold production
- Newcrest’s share price is down 1.60 per cent today, currently sitting at $36.18 per share at AEST 1:44pm
Newcrest Mining’s statutory and underlying profit totals $561 million for the 2019 financial year.
The increase comes from gold production reaching 2.49 million ounces during the year.
Free cash flow increased 34 per cent to $804 million and net debt sunk by 62 per cent, now sitting at $395 million.
CEO and Managing Director of Newcrest Sandeep Biswas said: “Newcrest achieved very strong results in financial year 2019. We reported our lowest annual ASIC per ounce and delivered over $800 million in free cash flow.”
Newcrest’s fully owned Cadia gold project, located in New South Wales, achieved record production of gold and copper.
The Lihir gold project, located in Papua New Guinea, also generated free cash flow in excess of $300 million for the fourth year running.
According to Sandeep, the company also gained exposure to the Red Chris mine in Canada through its growth investment throughout the year.
“Our plan is to improve the current operating performance, and subject to drilling and further study, transform Red Chris into a tier one operation by means of block caving,” Sandeep said.
The company is proud that zero fatalities or life altering injuries occurred during the year.
Shareholders will receive full franked dividend’s of US14.5 cent per share, bringing the year’s total to US22 cents a share.
Newcrest’s share price is down 1.60 per cent today, currently sitting at $36.18 per share at AEST 1:44pm.