Newcrest getting expensive: Deutsche Bank

DEUTSCHE Bank says Newcrest is becoming expensive by any measure, appreciating 44% since January. Notwithstanding the strong gold leverage, it sees little incentive to take the Australian currency risk and commissioning risks at Telfer.

Newcrest getting expensive: Deutsche Bank Newcrest getting expensive: Deutsche Bank Newcrest getting expensive: Deutsche Bank Newcrest getting expensive: Deutsche Bank Newcrest getting expensive: Deutsche Bank

"With potential NPV upside from Telfer at least two years away, and Kencana one year away, we cannot justify the continuation of our 'buy' rating," Deutsche Bank analyst Peter Rose said in a

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