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Newcrest Annual Profit Jumps 80% on Higher Metal Prices

   By Rhiannon Hoyle 
 

SYDNEY--Newcrest Mining Ltd. reported a record annual profit as higher gold and copper prices boosted margins.

The Australia-based mining company said it made a net profit of $1.16 billion in the year through June, up 80% on the same period a year earlier.

Directors declared a final dividend of $0.40 a share, taking the miner's full-year payout to a record $0.55 a share.

Newcrest said its earnings before interest and tax margin widened to almost 39% from roughly 30% the year earlier. The price it was paid for its gold was 17% higher year-on-year, while its realized copper price was up 42%.

Chief Executive Sandeep Biswas said Newcrest's fiscal strength would enable it to invest more in growth projects. "We have significant financial capacity to fund our pipeline of attractive organic growth options, both from the expected cash flow generation over the development period and our strong balance sheet," he said.

The board separately approved a study and early works program for an expansion of its Cadia mine in Australia.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

August 18, 2021 19:23 ET (23:23 GMT)

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