Newcrest reports K1.9bil profit

THE Lihir gold mine operator Newcrest has reported a statutory profit and an underlying profit of US$561 million (K1.9 billion) for the year ending June 30.
According to the results released by the company on Friday, this was 178 per cent, 22 per cent higher than the prior period, from gold production of 2.49 mil ounces (70.59 metric tons).
It stated that Newcrest’s Cadia mine in Australia, contributed US$965m (K3.2 billion), or over 64 per cent of the group’s cash flow from operating activities, with Lihir mine contributing around 20 per cent.
The Lihir gold mine, which is one of the largest known gold deposits in the world, contributes to the country’s economy in multiple ways, including through taxes and royalties, employment, investment in infrastructure and services, and purchasing goods and services from local suppliers.
It also noted that more than K7.2bil had been spent on capital investment since the company’s acquisition of Lihir in 2010.  The National

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