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Newcrest Mining Limited (NCM), the 4th largest gold miner in the world and Australia's largest today reported its Full Year 2012 results. The highlights of the report were a 23% lift in Statutory Profit of $1,117 Million, helped by the sales of assets in QLD as well as a slightly higher than expected realised gold price for the 2012 Financial year of A$ 1,609 per ounce, up 17%.
Gold production and sales were lower. Copper production increased by 0.5% helped by a big lift in output at Ridgeway Mine offsetting near 50% slide at its Cadia mine near Orange in NSW. Cost of sales was higher but is expected to hold steady in 2013.
Total mining contract costs lifted 96%, mainly due to new mine activity more than price of contracts, only up 6%. Mine production cost up 23% y.o.y, with the biggest increase in fuel, utilities & power and labour up 16%.
Newcrest has announced a Half Year dividend of $0.23 a share taking the toal year dividend to $0.35 cents a share. FY 2013 will be a big one with new mine capacity coming on-line helping expected lift gold and copper production.
Newcrest Mining Full Year Results
Juliana Roadley, Market Analyst,