Newcrest Mining

Newcrest Mining’s half year result reflects record high gold prices and growing production. Net profit after tax rose 50% to $659m, including $55m in gains from asset sales. Operating cashflow rose 9% to just over $1bn. Earnings per share rose 32% to 86 cents, from which a 12 cent dividend was declared (ex-date 19 Mar), up 20% from last year. Gold production increased 1% to over 1.2m ounces of gold for the half year. In summary, profits are high, production increasing and, as we noted in The case for gold on 16 Apr 2010, this analyst expects higher gold prices...

Newcrest Mining’s half year result reflects record high gold prices and growing production. Net profit after tax rose 50% to $659m, including $55m in gains from asset sales. Operating cashflow rose 9% to just over $1bn. Earnings per share rose 32% to 86 cents, from which a 12 cent dividend was declared (ex-date 19 Mar), up 20% from last year. Gold production increased 1% to over 1.2m ounces of gold for the half year. In summary, profits are high, production increasing and, as we noted in The case for gold on 16 Apr 2010, this analyst expects higher gold prices to endure. Why, then, do we continue to shun the country’s largest gold miner?

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