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Newcrest Mining Ltd NCM

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Economic Moat


Capital Allocation


Newcrest's Numerous Development Projects Maturing Nicely; Shares Remain Undervalued

Mathew Hodge, CFA Regional Director

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.

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Company Profile

Business Description

Newcrest is an Australia-based gold and, to a lesser extent, copper miner. Operations are predominantly in Australia and Papua New Guinea, with a smaller mine in Canada. Cash costs are below the industry average, underpinned by improvements at Lihir and Cadia. Newcrest is one of the larger global gold producers but accounts for less than 3% of total supply. Gold mining is relatively fragmented.

600 Saint Kilda Road, Level 8
Melbourne, VIC, 3004, Australia
T +61 395225333
Sector Basic Materials
Industry Gold
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type
Employees 1,947