Weak Second Quarter; Maintaining Our AUD 21 Per Share Fair Value Estimate for Newcrest
We maintain our AUD 21 per share fair value estimate for Newcrest. Second-quarter production was slightly weaker than expected. Gold output increased 6.5% to 627,400 ounces versus the first quarter of fiscal 2017 driven by improvement at Lihir and Gosowong. Group cash costs fell 3% to USD 578 per ounce, reflecting an increased copper byproduct credit due to the higher average copper price. Excluding the higher byproduct credit, cash costs rose 2%, higher than expected, reflecting the decline in ...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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