Newcrest: Interim result 2014

Despite higher production and lower costs, this was a disappointing result for the nation's largest goldminer.

Since the gold price tanked last year, expectations for gold miners have been low. Newcrest Mining’s first-half results for 2014 duly met those expectations. Although gold production increased 27% to 1.2m ounces and the cost of production fell 18% to $1,000 per ounce, underlying profit fell 36% to $207m, mostly a result of lower gold prices. No dividend was declared and, as usual for Newcrest, the company absorbed cash.

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