Wafi-Golpu Improves with Updated Feasibility Study but AUD 23 per Share FVE Maintained
Newcrest’s updated feasibility study for Wafi-Golpu has increased the scale of the proposed mine and improved the project’s economics. However, the changes are not sufficiently material to the overall group to change our AUD 23 per share fair value estimate for no-moat-rated Newcrest. Shares remain moderately undervalued with concerns around the recent tailings dam failure at Cadia. However, we think this is likely to be a relatively short-term issue and expect the shares to recover once product...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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