Analyst Note
| Mathew Hodge, CFA |Development activity is elevated for no-moat-rated Newcrest Mining, and overall we see the progress being made as tracking well against our relatively optimistic expectations. This optimism is underpinned by our positive view of management, the large resource base, low-cost position, and the company’s record. Barring a dip in fiscal 2024 and 2025, when the company assumes Telfer exhausts, Newcrest expects gold production to remain steady around 2.0 million ounces a year for the next decade based on the projects it has in hand. The outlook for copper production is similarly relatively flat, around 140,000 tonnes a year, but should step up from around 2029 to over 170,000 tonnes a year.