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Newcrest Fiscal Year Profit Falls by 25%

By Rhiannon Hoyle

 

Newcrest Mining Ltd. recorded a 25% fall in annual profit, mainly because of lower production at a large gold mine in Australia's New South Wales state. The company also grappled with rising operating costs, as energy, labor and shipping expenses climbed.

Australia's largest listed gold miner said it made a net profit of $872 million in the year through June, down from $1.16 billion a year earlier.

Directors of the company declared a final dividend of 20 U.S. cents a share. The total payout for fiscal 2022, which included a 7.5-cent interim dividend, exceeded Newcrest's policy to pay a minimum annual dividend of 15 cents.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

August 18, 2022 19:17 ET (23:17 GMT)

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