Australia’s biggest gold miner has posted a drop of almost a quarter in full-year profit for 2022, hit by rising costs and lower output in the first half.
Newcrest Mining reported on Friday an underlying profit of $US872 million ($A1.26 billion) for the year ended June 30, down from $US1.16 billion a year earlier.
The flagship Cadia mine has now returned to full capacity, Newcrest Managing Director and Chief Executive Sandeep Biswas told a webcast.
“We were particularly pleased with our costs trending lower in the second half of the year, with Cadia achieving its lowest ever annual All-In Sustaining Cost of negative $124 per ounce,” he said.
“We finished the year strongly.”
Globally, operations produced just under two million ounces of gold at a cost of $1,043 per ounce.
Mr Biswas said Cadia, Red Chris, Havieron and Lihir were all expected to reach key study milestones throughout FY23.
“Our track record of exploration success has also continued at Brucejack, Red Chris and Havieron, with strong drilling results supporting our view of significant resource growth potential,” he said.
Newcrest would also benefit from a “substantial and increasing exposure” to copper, a critical metal of the future that would allow Newcrest to tap into the global shift to decarbonisation, he said.
Newcrest announced a fully franked final dividend of 20 cents per share, bringing the total dividend to 27.5 cents per share.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
