Photo credit: The West Australian - Newcrest Managing Director and Chief Executive Officer Sandeep Biswas
In the financial year 2021, Newcrest Mining Limited made a statutory and underlying profit of US$1.2 billion.
In the 2021 annual report, Managing Director and Chief Executive Officer Sandeep Biswas stated, "It has been more than 18 months since the onset of the COVID-19 epidemic, and we are still experiencing its catastrophic effects throughout the world."
Newcrest's operations were able to continue operating without any major disruptions, according to Biswas, because of the devotion and personal sacrifice of its employees.
“I extend my personal gratitude to those who have endured extended periods away from their families to ensure that our business was able to continue without material disruption,” he said.
As a result, Biswas said that the firm produced 2.1 million ounces of gold at an All-In Sustaining Cost (AISC) of $911 per ounce in FY21, resulting in another outstanding operational and financial performance.
“Our strong operating performance, combined with the benefit of higher gold and copper prices, underpinned a record free cash flow of $1.1 billion and a record statutory and underlying profit of $1.2 billion, 80 per cent and 55 per cent higher than the prior-year respectively.
We expect that the contribution of copper will continue to increase, with the relative proportion of copper to Cadia’s revenue expected to increase over the coming years in line with the estimated grade profile of gold and copper,” he said.
“We also have significant copper potential at Red Chris, Havieron, Wafi-Golpu and Namosi.
I have always seen copper as an excellent complement to our gold portfolio as it provides us with good earnings diversification and makes us more resilient and profitable in the longer term.
Both gold and copper are metals of the future, with copper, in particular, being key to a low carbon world. It is a very exciting time at Newcrest as we progress our multitude of organic growth options.”
Reference: Post-Courier (6 October 2021). “Newcrest Records K351b Profit”.
