Newcrest aiming for five tier one projects

DESPITE a weak December half, Newcrest Mining CEO Sandeep Biswas says the company is in a strong position as it outlined its goals for the next three years.

Newcrest aiming for five tier one projects Newcrest aiming for five tier one projects Newcrest aiming for five tier one projects Newcrest aiming for five tier one projects Newcrest aiming for five tier one projects

The gold miner posted a statutory half-year profit of US$98 million, down by 48% on the same time in 2016 due to the seismic event at Cadia in April last year.

Underlying profit dropped by 58% to $116 million and earnings before interest, tax, depreciation and amortisation fell by 20% to $624 million.

All operations were cashflow positive, aside from Telfer, which was cashflow negative to the tune of $9 million.

It comes Newcrest had warned of the operations viability during the half when the Western Australian government tried to double the gold royalty.

Despite the Telfer result, Biswas said he didn’t think the operation was at risk of closure this year, with work under...