Weak Fourth Quarter for Newcrest but AUD 21 per Share FVE Maintained
Despite the weak finish to the year, we make no change to our AUD 21 per share fair value estimate for no-moat-rated Newcrest. Compared with the prior quarter, group gold production declined 8% to 552,000 ounces, while copper output fell 41% to 13,000 tonnes. Production was broadly as expected, but the negative impact of the Cadia disruption was worse than forecast. Group cash costs increased 23% to USD 632 per ounce. This excludes an additional USD 123 per ounce nonrecurring charge related to c...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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