Newcrest (NCM) quarterly report shows no surprises
Stock
Newcrest Mining (NCM) $21.22 as at 24/10/2018
Event
Newcrest has tracked higher today, although in line with other gold miners, on a reasonable quarterly report from the miner this morning. Although production for the September quarter was down over 13% on the June quarter, and well below the run rate required to reach the full year guidance, the market was pleased enough with the quarters work, and the stock was bid up after the company maintained guidance. Planned maintenance dragged on the run rate, but the company said they “expect gold production to increase over the remainder of the financial year.”
Costs were seen lower on a per oz basis, and while the realized price was slightly lower this wasn’t unexpected – prices are pushing higher now in both USD and AUD terms.
NCM hold an investor day tomorrow and a site visit at their Cadia operation in Orange on Monday, so expect a flow of analysts notes out on the miner.
Newcrest (NCM) Chart
Market Matters Take/Outlook
