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Australia’s Newcrest Reports Profit Slump as Output Dips

The company earned less for the gold it produced and was also hit with higher labour and freight costs due to a tight sea freight market

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The Lihir project in Papua New Guinea was affected by heavy rains and major maintenance. Photo: Newcrest Mining.

 

Newcrest Mining reported a 46% fall in first-half profit on Thursday, as output declined at its mines in Australia and Papua New Guinea (PNG) following maintenance.

The company earned less for the gold it produced and was also hit with higher labour and freight costs due to a tight sea freight market.

Newcrest’s Lihir project in PNG was affected by heavy rains and major maintenance, while production at its flagship Cadia project in Australia was delayed by the planned upgrade of a mill motor.

The miner reported an underlying profit of $298 million for the six months ended December 31, compared with $553 million a year earlier.

Newcrest declared an interim dividend of 7.5 cents per share, down from 15 cents per share a year earlier.

The company said it expects pandemic-related costs between $50 million and $60 million for the full year, compared with its previous forecast of $35 million to $45 million.

Newcrest reiterated its annual production outlook.

Shares in the Australian-listed miner rose nearly 1.5% on Thursday. Newcrest is also listed on the Toronto Stock Exchange and the PNG Exchange Markets.

 

 

  • Reuters, with additional editing by George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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