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Newcrest Posts A Profit of K1.8billion for Half-Year Results

For its half-year financial results, Newcrest Mining has brought a profit of K1.8billion (US$533m).

In the company’s market report, managing director and chief executive officer Sandeep Biswas said that the company has delivered a record free cash flow, lifted its dividend and looks at opportunities to unlock significant value at Lihir.

“In 2018 we set ourselves some ambitious targets to Forge a Stronger Newcrest,” he said. “Our progress and achievements over the past three years have put us in a very strong position to not just weather the global uncertainty associated with Covid-19, but to keep our eyes firmly on our future growth agenda.”

With the plan forging an even stronger Newcrest, which details its aspirations and measures for the next five years in line with a new company purpose, the firm has created a brighter future for its stakeholders through responsible and safe mining.

“This year we lived that purpose through our success in managing the Covid-19 risk to our workforce and local communities through the compensation, relocation and benefits sharing agreements we signed with the landowners at Lihir, through our renewable energy agreement that will help significantly reduce our carbon footprint; and in our progress in developing new mines at Havieron and Red Chris,” he said. “The strong financial results for the half-year show how much the increase in the gold price has translated into improved profitability, record half-year free cash flow and an increase in returns to shareholders in the form of a fully franked interim dividend of US$ 15 cents per share, 100 per cent higher than last year. This year we have leveraged our technical capabilities to establish a pathway to unlock significant value from Lihir."

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