Newcrest Mining Ltd Leveraging on long term growth opportunities
Leveraging on long term growth opportunities:Newcrest Mining Ltd (ASX: NCM), through subsidiary Newcrest Operations Ltd, has signed an option and farm-in agreement with Alice Queen Ltd for Mendooran Project under which NCM will have right to earn-up 80% interest by incurring expenses of not less than $10 million. Newcrest has also tied up with Telstra, to become the first gold miner in the southern hemisphere to deliver O3b’s high-speed broadband through its new 100 megabits per second (Mbps) satellite link to the Lihir gold mine in New Ireland Province, Papua New Guinea. During H1FY17, Newcrest revenue grew by 17% yoy to $1807million while statutory profit and underlying profit grew by 131% and 333% to $187million and $273million, respectively. Increase in underlying profit primarily driven by the higher realizations from gold, copper and gold sales volumes, and lower operating costs. Again, this was partially offset by the strengthening of the Australian dollar against the US dollar. NCM is said to be on track to leverage medium-longer term growth opportunities as it targeted 14mtpa sustainable mill throughput by December 2017 and target of 17mtpa in the future. All mining assets continues generate positive free cash flows and maximizing value through further productivity efficiencies and cost reductions.
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