Newcrest’s Investor Day Highlights Sound Financial and Operational Footing, Fair Value Maintained
There was nothing individually earth shattering at Newcrest’s 2016 investor day and we make no change to our AUD 21 per share fair value estimate. No-moat Newcrest remains close to fairly valued, which we think is relatively attractive in a generally overvalued market for miners, their prices inflated by the recent mini-boom in China. The briefing supports our view of a long-life, low operating cost producer with potentially valuable expansion and exploration options. Much has changed in the pas...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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