NEWCREST Mining Limited records Net profits of $647 million

 NEWCREST Mining Limited has recorded a net profit of K1.6billion ($647million) for its financial year 2020.

Managing director and chief executive officer Sandeep Biswas said this in the company’s market results released both on the Australia Stocks Exchange and the PNG Stock Exchange last week Friday.

Mr Biswas said Newcrest has invested $1.3 billion (K250bn) to acquire Red Chris and increase its exposure to Fruta del Norte and a further $400 million (K997m) to progress its organic growth options and on exploration.

He said the company further strengthened its balance sheet to ensure it is well positioned to deliver its near-term growth options of Haverion, Red Chris and Wafi-Golpu.

“Newcrest delivered a solid performance for the financial year, producing 2.2 million ounces of gold at an AISC of $862 (K1700) per ounce.

Our free cash flow generation (excluding major M&A activities) remained strong at $670 million (K1.7bn) and we report statutory and underlying profits of $647 million (K1, 6bn) and $750 million (K1.8bn) respectively,” Biswas said.

He said due to the considerable effort to implement and sustain a range of monitoring and preventive measures the impact of Covid-19 to their operations in the financial year was minimal.

“Our operational and financial performance, strong balance sheet and outlook has allowed us to increase our dividends to shareholders for the fifth consecutive year, with the full year dividend being 14 per cent higher than last year,” he said.

Post courier/PacificMiningWatch

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