Newcrest nets profit of K1.9bn
Newcrest has cleared a statutory and underlying profit of $561million (K1.9bn) in its full year results.
This is for the year ended 30 June 2019.
The full year results have also indicated that Newcrest has paid approximately K810 million to PNG suppliers for operating costs including equipment, labour, maintenance, consumables, food and fuel.
Meanwhile a total of K228 million was paid as a form of salaries and wages to employees while K128 million in salary and wages tax to the PNG government and K143 million as its total tax contribution to the PNG government that includes salary and wages.
The report says more than K7.2 billion has been spent on capital investment since Newcrest’s acquisition of Lihir in 2010.
Newcrest’s investment to the Lihir/local communities continued in FY2019 with K82 million paid to landowners and the New Ireland provincial government through the current agreements.
Additional financial and in-kind support is provided through a number of local community programs.
This includes K21 million per annum to manage the Lihir Medical Centre, which has approximately 50,000 consultations a year. Our vision to be the Miner of Choice™ for our people, shareholders, host communities, partners and suppliers has continued to grow in the last financial year.
Newcrest is proud of its operations on Lihir and looks forward to continuing to invest in the future of PNG in partnership with the government and its people.
According to the financial results released last week, this was a 178 per cent and 22 per cent higher than the prior period respectively, from gold production of 2.49 million ounces.
Newcrest’s Cadia mine in Australia, contributed $965m, or over 64 per cent, of the group’s cash flow from operating activities, with its Papua New Guinea’s (PNG’s) Lihir mine contributing around 20 per cent.
Continue reading at https://postcourier.com.pg/newcrest-nets-profit-k1-9bn/ | Post Courier