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Newcrest Mining (NCM) $23.92

NCM +0.08%: the gold miner was out with updates across a four of their growth projects as they look to grow production and cut costs. A study on PNG mine Lihir has paved the way to grow production to over 1Moz a year from FY24 onwards, for at least 10 years, on a relatively small investment for $179m. A pre-feasibility study has been completed on WA JV project Havieron. The project is estimated to produce 160koz a year at just $US743/oz for 9 years with upside in the resource. The Canadian asset Red Chris has also taken a step towards becoming reality with an initial reserve estimate of over 8Mt of gold and over 2Mt of copper to see them through an initial mine life of 31 years, though first production isn’t likely until the end of the decade. There was also an update out of their key Cadia asset, all in all Newcrest touting a halving in All-In Sustaining Costs/oz over the next decade with significant growth to come – particularly from FY25 onwards – with relatively low capital requirements. A positive announcement, though still some time before we will see the impact on sales.

NCM
MM remains bullish and long NCM
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Newcrest mining (NCM)
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