Newcrest: the good and the bad

Right now, Newcrest Mining is a failure. But it doesn’t have to be, argues Gaurav Sodhi. Here he explains how a good miner can emerge from the bad.

Newcrest Mining was created with every conceivable advantage; imbued with cash and huge orebodies, lucky with exploration and blessed to be operating amidst the largest gold bull market in a generation. How could such stupendous luck turn to such a gigantic failure?

Newcrest’s share price has tumbled from highs of over $40 in 2011 to $10.64 today. The last time it traded at such lowly prices (acknowledging that the number of shares on issue is now far higher) was a decade ago in 2003.

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