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    NCM   AU000000NCM7

NEWCREST MINING LIMITED

(NCM)
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Newcrest Fiscal 2021 Gold Output Down On Year But Meets Guidance

07/21/2021 | 05:27pm EDT

By Rhiannon Hoyle

SYDNEY--Newcrest Mining Ltd. said its annual gold output fell on year, but was in line with the company's forecasts.

The Australia-based mining company also reiterated a seismic event at its Cadia mine shouldn't dent this fiscal year's outlook, but said there's a risk of Covid-19 impacting output at its Lihir operation.

Newcrest produced 2.093 million troy ounces of gold in the 12 months through June, down from 2.171 million ounces a year earlier. Output was within a guidance range of 1.950 million-2.150 million ounces.

Newcrest said fourth-quarter gold output was up 6% on the third quarter because of a strong performance from its Cadia and Telfer operations in Australia.

Chief Executive Sandeep Biswas said a prohibition notice had been lifted at the Cadia operation following a localized seismic event earlier this month. Newcrest doesn't expect the disruption to impact fiscal 2022 gold or copper production, and development and expansion works continue uninterrupted, he said.

However, Newcrest cautioned that the pandemic remains a risk for its Lihir mine in Papua New Guinea.

While the number of Covid-19 cases at the operation remain at manageable levels, "the ability to attract labor, travel restrictions, contact tracing and associated isolation requirements has impacted total material mined," Newcrest said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

07-21-21 1927ET

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 1.04% 1830.484 Delayed Quote.-4.50%
NEWCREST MINING LIMITED -1.52% 26.48 End-of-day quote.2.72%
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Financials (USD)
Sales 2021 4 685 M - -
Net income 2021 1 196 M - -
Net Debt 2021 21,1 M - -
P/E ratio 2021 13,0x
Yield 2021 1,77%
Capitalization 16 095 M 16 058 M -
EV / Sales 2021 3,44x
EV / Sales 2022 3,49x
Nbr of Employees 5 304
Free-Float 99,6%
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Number of Analysts 16
Last Close Price 19,58 $
Average target price 23,67 $
Spread / Average Target 20,8%
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Managers and Directors
Sandeep Biswas Chief Executive Officer, Executive Director & MD
Gerard Bond CFO, Finance Director & Executive Director
Peter Algernon Franc Hay Independent Non-Executive Chairman
Suresh Vadnagra Chief Technical & Projects Officer
Maria Esperanza Sanz Perez Secretary, Chief Legal, Risk & Compliance Officer
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