Newcrest Mining Limited
Newcrest Mining Limited
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Higher gold production primarily from its Cadia operations in NSW and record low group operating costs have helped Australian gold No 1 Newcrest post a 142% increase in statutory profit to $US237M for the Dec half (H1FY19), up from $98M in the corresponding period.
H1 production rose to 1.203Moz (H1FY18: 1.135Moz) gold and 51,770t (39,002t) copper at AISC of $747/oz ($860/oz).
US gold miner Newmont Mining’s current mutually agreed $US10B all-share takeover bid for Canada’s Goldcorp has given Goldcorp a non-cash impairment expense of $US4.8B ($3.9B net of tax) in Q4 18 to deal with in its Dec 2018 year (FY/CY18).
Newcrest Mining adopts a new openpit/underground development scenario for Fiji’s giant Namosi Waisoi copper and gold project after concluding its previous openpit proposals would not generate acceptable returns.
Newcrest Mining is pursuing a new development focus for its 71.82%-owned Namosi Waisoi gold-copper project in Fiji after concluding the previously proposed openpit development could not be economically mined.
it’s now evaluating a combined openpit and underground block cave development scenario for the project just 30km W of Suva on Viti Levu.
Burkina Faso-focused gold miner Roxgold is buying Newcrest Mining’s 430,000oz inferred Séguéla Gold Project and 11 surrounding exploration permits covering 3,298 km2 in Côte d'Ivoire for $US30M.
The agreement includes an upfront $20M and a further $10M on 1st gold production from the land package. Séguéla hosts the Antenna deposit, which has mineral resources of 5.8Mt at 2.3g/t Au for 430,000oz.
Australia-based SolGold will take its current flagged all-share take-over bid for Cornerstone Capital Resources and its 15% of the 10.9Mt copper/13.2Moz gold resources Cascabel Copper-Gold Project in N Ecuador directly to shareholders after Cornerstone rejected the bid.
Australia-based SolGold plans to launch an all-share bid for the outstanding shares in Canada-based Cornerstone Capital Resources and its 15% stake in the 10.9Mt copper/13.2Moz gold resources, world-class Cascabel Copper-Gold Project in N Ecuador.
However, the potential bid for 100% of Cascabel may trigger interest from other companies, including BHP, which has 11.2% of SolGold and Newcrest Mining, which has 15.33%.
SolGold may have triggered a bidding war for Cornerstone Capital Resources’ and its stake in the big Cascabel Cu-Au project from major SolGold shareholders BHP and Newcrest. By Mark Mentiplay
Record production at Cadia in NSW and a sound performance at its Lihir project in PNG have enabled Australian gold leader Newcrest to lift Dec qtr (Q2FY19) gold production by 19% to 654,849oz (Q1: 548,351oz). Copper production rose 8% to 26,847t (24,923t).
Group AISC improved to $US720/oz ($778/oz), delivering a margin of $515/oz ($441/oz) despite lower gold and copper prices.
Australia’s biggest listed gold miner, Newcrest Mining, has increased its stake in gold-copper developer and fellow Aussie SolGold and its promising 85%-owned Cascabel copper-gold project in N Ecuador, moving further ahead of the company’s 2nd biggest investor BHP.
Newcrest has paid £11.148M ($US14.06M) for 27.87M SolGold shares at £0.40ps, a premium of 12.8%, raising its stake to 15.33% from 13.83%, ahead of BHP’s 11.1%.