Australia's Newcrest beats H1 underlying profit estimate, welcomes rain [Reuters]
NEWCREST MINING LTD S/ADR (NCMGY)
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Source: Reuters
Australia's Newcrest beats H1 underlying profit estimate, welcomes rain MELBOURNE (Reuters) - Australia’s Newcrest Mining Ltd on Thursday reported an 18% rise in first-half underlying profit, beating estimates on the back of higher gold prices, and welcomed wetter weather ahead after drought had threatened output at its flagship mine. Last month, Newcrest had warned production at the Cadia mine could be hit at the end of this year due to a lack of water for processing that could impact output if a drought continued in New South Wales. Australia’s largest listed gold miner said underlying profit for the half ended Dec. 31 was $280 million, up from $237 million in the same half a year earlier and about 8.5% ahead of an estimate by RBC. Higher gold prices offset an 11.7% drop in production to about 1.1 million ounces. Looking ahead, Chief Executive Sandeep Biswas said that while bushfires have given way to heavy rain this month, Cadia’s water cachement had not yet seen substantial inflow
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