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Newcrest Mining Ltd NCM Stock Quote

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Newcrest's Margins Likely to Rise on Higher Gold and Copper Production, Shares Remain Undervalued

Mathew Hodge, CFA Regional Director

Business Strategy and Outlook

| Jon Mills, CFA |

Newcrest Mining is a gold-copper miner with mines in Australia, Papua New Guinea, Canada, and its minority-owned mines in Ecuador. We estimate the company will produce more than 2.1 million ounces of gold and around 140,000 tonnes of copper in fiscal 2023, with the acquisition of Brucejack resulting in gold production increasing to average more than 2 million ounces per year for the next decade. Around 80% of its estimated midcycle revenue is from gold with most of the remainder from copper. Copper’s contribution is likely to rise over time as Newcrest’s various developments commence production.

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Business Description

Newcrest is an Australia-based gold and, to a lesser extent, copper miner. Operations are mainly in Australia and Papua New Guinea. The company also owns a 32% stake in the Fruta Del Norte gold mine in Ecuador, while the acquisition of Brucejack in 2022 adds to its 70% stake in the Red Chris mine in Canada. The company is likely to produce around 2 million ounces of gold per year over the next decade, making it one of the larger global gold producers but still only accounting for less than 2% of total supply. Cash costs are below the industry average and amongst the lowest of the global gold miners, underpinned by improvements at Lihir and Cadia. Organic growth options include its Havieron prospect, the Red Chris underground mine, and the high-grade Wafi-Golpu copper-gold prospect in PNG.

600 Saint Kilda Road, Level 8
Melbourne, VIC, 3004, Australia
T +61 395225333
Industry Gold
Most Recent Earnings
Fiscal Year End Jun 30, 2023
Employees 1,947

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