{"id":11289,"date":"2023-08-12T13:04:41","date_gmt":"2023-08-12T13:04:41","guid":{"rendered":"https:\/\/isafespend.com\/investing\/gold-miner-newcrests-annual-profit-falls-by-11-update\/"},"modified":"2023-08-12T13:04:41","modified_gmt":"2023-08-12T13:04:41","slug":"gold-miner-newcrests-annual-profit-falls-by-11-update","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11289","title":{"rendered":"Gold Miner Newcrest’s Annual Profit Falls by 11% — Update"},"content":{"rendered":"
\n

By Rhiannon Hoyle<\/p>\n\n

Newcrest Mining on Friday recorded an 11% fall in annual profit, mainly because of a lower copper price, higher depreciation and increased operating costs.<\/p>\n

Australia’s largest-listed gold miner, which has agreed to a takeover by U.S.-based Newmont, said it made a net profit of $778 million in the year through June, down from $872 million a year earlier.<\/p>\n

\n

Directors of the company declared a final dividend of 20 U.S. cents a share. The total payout for fiscal 2023 of 55 cents is equal to the highest total annual dividend ever declared by Newcrest, said Interim Chief Executive Sherry Duhe.<\/p>\n

Newcrest entered a binding takeover agreement with Newmont in May that would be the largest-ever M&A deal in the gold-mining industry. Newcrest said it expects the takeover to be completed in November, subject to regulatory approvals and signoff by Newcrest and Newmont shareholders.<\/p>\n

Newcrest expects to pay a special dividend of $1.10 a share before that deal completes.<\/p>\n

The Australian company said it produced more gold and copper from its mines last fiscal year, but profits were weighed by a weaker copper price, which was 14% lower than the year-prior period.<\/p>\n

Newcrest also faced continued inflationary pressures. The miner reported a 5% increase in its so-called all-in sustaining cost for the fiscal year.<\/p>\n

The company said it benefited from the addition of the Brucejack mine that it acquired in 2022, a higher contribution of low-cost production from its Cadia operation and the weakening of the Australian and Canadian dollars against the U.S. dollar.<\/p>\n

“Our balance sheet remains in excellent shape, sitting comfortably within all our financial policy targets as we continued to invest in our organic portfolio of value-generating projects,” said Duhe.<\/p>\n\n

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com<\/p>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Rhiannon Hoyle Newcrest Mining on Friday recorded an 11% fall in annual profit, mainly because of a lower copper price, higher depreciation and increased operating costs. Australia’s largest-listed gold miner, which has agreed to a takeover by U.S.-based Newmont, said it made a net profit of $778 million in the year through June, down<\/p>\n","protected":false},"author":1,"featured_media":9638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-11289","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nGold Miner Newcrest's Annual Profit Falls by 11% -- Update | iSafeSpend<\/title>\n<meta name=\"description\" content=\"By Rhiannon Hoyle Newcrest Mining on Friday recorded an 11% fall in annual profit, mainly because of a lower copper price, higher depreciation and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=11289\" 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