Newcrest HY profit beats expectations on Brucejack addition, strong sales (updated)

Iodm

15/02/2023 22:11

(Adds details on costs, mine operations, elaborates on reason)
       Feb 16 (Reuters) - Australia's Newcrest Mining Ltd
 NCM.AX  on Thursday beat analyst expectations as the addition
of Canadian Brucejack operations and higher sales volume for
gold and copper at its key Cadia mine helped limit losses in the
first half. 
    The miner declared a special dividend of 20 cents per share,
after Lundin Gold repaid a credit facility.  
    The country's largest listed gold miner's first-half profit
beat analysts' expectations, though it was marginally lower than
the profit reported last year as increased activities drove up
costs and lower realized gold and copper prices brought home
lesser profits. 
    Newcrest said its underlying profit was $293 million for the
half-year ended December 31, compared with $298 million a year
earlier, but beat estimates of $184 million, according to
Refinitiv. 
    The miner received $1,696 for every ounce of gold sold in
the six months ended December 31, compared with $1,733 per ounce
logged last year.
    Newcrest also rebuffed a $16.9 billion bid from U.S.-based
Newmont Corp  NEM.N  but said it would open its books for the
world's largest gold miner. 
    The company also declared an interim dividend of 15 cents
per share, compared with last year's 7.5 cents.
 (Reporting by Roushni Nair in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Roushni.Nair@thomsonreuters.com;))