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Newcrest Mining Ltd NCM

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Gold Sell-Off May Provide an Attractive Opportunity to Buy Newcrest

Analyst Note

| Mathew Hodge, CFA |

Investor optimism is fuelling a risk-on rally in global share markets. Renewed optimism reflects enthusiasm for a COVID-19 vaccine and its potential to fuel an economic recovery. The Biden presidential win could also help de-escalate geopolitical and trade risks if the U.S. moves to unite traditional allies, rather than act in isolation. But what’s good for economic activity and trade is not necessarily good for gold and the price is down about 10% since the August 2020 peak above USD 2,000 per ounce.

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Company Profile

Business Description

Newcrest is an Australia-based gold and, to a lesser extent, copper miner. Operations are predominantly in Australia and Papua New Guinea, with a smaller mine in Indonesia. Cash costs are below the industry average, underpinned by improvements at Lihir and Cadia. Newcrest is one of the larger global gold producers but accounts for less than 3% of total supply. Gold mining is relatively fragmented.

600 Saint Kilda Road, Level 8
Melbourne, VIC, 3004, Australia
T +61 395225333
Sector Basic Materials
Industry Gold
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 1,947