Newcrest reports major losses in full year
PERTH (miningweekly.com) – ASX- and TSX-listed gold major Newcrest Mining has reported a loss of A$5.7-billion for the year ended June, on the back of its previously announced asset impairment and write-downs of A$6.2-billion.
This was compared with a profit of some A$1.1-billion in the previous financial year.
The company reported asset impairments of A$5.56-billion, asset write-downs of A$349-million and a write-down of its investment in fellow gold miner Evolution Mining of A$273-million, as well as a A$51-million restructuring cost.
Underlying profit for the 12 months under review also decreased to A$451-million, compared with the more than A$1-billion reported last year, which Newcrest said reflected the lower-than-planned production at the Lihir and Gosowong operations, as well as the decline in commodity prices.
Revenue for the full year was 15% lower than the previous financial year, with gold sales totalling A$3.7-billion, as both sales volumes and realised metal prices declined.
Gold revenue for the period reached A$3.1-billion, some A$591-million lower than 2012, while copper revenue was A$573-million, some A$40-million less than the previous financial year.
Silver revenue for the year decreased by A$10-million to A$53-million.
Newcrest reported that operating cash flow for the full year was A$707-million, compared with the A$1.7-billion reported last year, and reflected the “substantially different” operating environment during the year under review.
The miner has now moved to maximise free cash flow in the lower gold price environment by removing higher-cost ounces from its production profile and reducing both operating and corporate costs, as well as capital expenditure.
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