First Quarter Largely as Expected and AUD 21 per Share Fair Value Maintained
Newcrest’s first-quarter fiscal 2017 production was broadly as expected and we make no change to our AUD 21 per share fair value estimate. Gold output in the first quarter of fiscal 2017 increased 3% to 615,000 ounces versus the prior quarter and met expectations. Copper volumes rose 12% to 23,700 tonnes and bettered our forecast. Cash costs of USD 596 per ounce were slightly better than expected with higher unit costs and throughput volumes more than offset by a higher copper byproduct credit, ...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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