Solid First Half for Newcrest; AUD 21 per Share Fair Value Estimate Maintained
Newcrest's underlying first-half fiscal 2017 net profit of USD 273 million was close to our USD 280 million forecast, the difference being greater-than-expected finance costs on the large stock of undrawn debt. The profit was a dramatic improvement on last year’s USD 63 million underlying result, driven by the higher gold price. The USD 0.075 per share unfranked dividend was ahead of our forecast, reflecting Newcrest’s improving balance sheet and free cash flow, and we double our full-year fisca...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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