NCM +1.49%: 1H numbers out for the gold miner were positive. EBITDA & NPAT were slight beats to consensus despite a revenue miss as Newcrest managed costs well. They have managed to replace a mill motor at their key Cadia mine in good time which has enabled the company to maintain production guidance. They have noted cost pressures coming through and they will need to work on energy consumption after Origin (ORG) announced the early closure of the Eraring Coal plant but the numbers are hitting expectations at the moment.
MM remains long and bullish NCM
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