Maintaining Our AUD 23 per Share FVE Despite Partial Tailings Dam Breach at Cadia
We retain our AUD 23 per share fair value estimate for no-moat Newcrest Mining. The partial wall failure of the Cadia tailings dam is a potential concern, but at this stage it is insufficient to warrant a change to our fair value estimate. The company says guidance will be affected, but it’s too soon to tell by how much. We take some comfort from the limited nature of the failure and the northern dam’s breach containment within the lower southern dam. Deposits to the tailings dam and processing ...
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