Strong 4Q for Newcrest as Cadia Recovers and Lihir Improves
Newcrest's fourth-quarter production was better than expected, but not sufficiently to change our AUD 23 per share fair value estimate for this no-moat firm. Fiscal 2018 production of 2.35 million ounces of gold was at the top end of the company's revised guidance, while copper output of 78,000 tonnes exceeded the 70,000 to 75,000 tonne guidance range. Unit cash costs of USD 583 per ounce were also better than expected and 6% lower than the March quarter. The additional production volumes helped...Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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