Posted in | News | Gold | Copper | Silver | Mining Business | Earnings

Newcrest Mining Posts Spectacular Profits

Newcrest Mining (ASX:NCM), Australia's leading gold mining company, has doubled year profits as if to prove the fact.

The after tax profit for end June for the full year was $557 million. This is 124 % higher than the profit in the corresponding period the year before.

The underlying profit for Newcrest was up 58% to $764 million. The was welcomed by the market with shares trading at $35.28 up 1.67%, AEST 2:30pm, Monday. Profits can expect to go even higher next year as Newcrest prepares to take over its rival Lihir Gold in a $10 billion deal.

This takeover will result in Newcrest becoming the world's fourth largest listed gold miner as per market value. Expectations already run high as the prediction for gold production in 2011 is expected to increase from 1.76 million ounces to about 1.85-1.95 million ounces.

Higher gold prices and sales volumes have pushed up the sales revenue by 11 % this year for Newcrest. Gold is not the only winner as its copper and silver production are also expected to rise in 2011.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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