Newcrest steady in FY17

NEWCREST Mining has posted a solid full-year profit and boosted its cash balance, and will target an increase in throughput at Cadia to 30 million tonnes per annum by the end of June.

Newcrest steady in FY17 Newcrest steady in FY17 Newcrest steady in FY17 Newcrest steady in FY17 Newcrest steady in FY17

The gold miner posted a statutory profit of US$308 million, down by 7% over the previous year, while the underlying profit rose by 22% to $394 million.

Earnings before interest, tax, depreciation and amortisation were up by 9% to $1.4 billion, while operating cashflow increased by 18% to $1.46 billion.

Newcrest managing director and CEO Sandeep Biswas said the 2017 financial year was marked by an improvement in safety performance and operational achievements, particularly at Lihir and Cadia.

“Lihir achieved record annual mill throughput and gold production and Cadia completed establishment of the Panel Cave 2 footprint,” he said.

“All operations contributed to the free ca...