By Rhiannon Hoyle
Newcrest Mining Ltd. said first-half profit tumbled 46% because of a mill upgrade at its Cadia operations in Australia and lower production at its Lihir mine in Papua New Guinea as grades declined.
Australia's largest listed gold miner Thursday said it made a net profit of $298 million in the six months through December, down from $553 million in the same period a year earlier. Heavy rainfall and maintenance work impacted profits as well, Newcrest said.
"Operating costs were also impacted by labor and consumable cost pressures due to rising demand, constrained supply and underlying commodity price increases," said the company. "Newcrest continues to collaborate with its suppliers to identify ways to manage these cost pressures."
Directors of the company declared an interim dividend of 7.5 U.S. cents a share.
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(END) Dow Jones Newswires
February 16, 2022 17:06 ET (22:06 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.