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Canadian Listing Likely for Newcrest Mining

Newcrest Mining is likely to get a boost in its stock value with a secondary listing on the Toronto Stock Exchange as per JP Morgan. Lihir Gold was delisted from the Toronto Stock Exchange when it was taken over by Newcrest Mining last year.

JP Morgan analyst Fraser Jamieson said that the company had flagged a northern hemisphere listing late last year. A possible listing in Canada could provide a catalyst for a re-rating given the company’s attractive growth profile over the next few years.

Jamieson said that the total output should increase by 85% between financial year 2009-10 to 2014-15 which is materially better than most of the peer group. Credit Suisse analyst Michael Slifirski also felt that the Newcrest's exploration story can continue to drive production and earnings upgrades for 10 years.

Despite reduced production at the Cadia mines in New South Wales and at Bonikro in Ivory Coast Jamieson said that he was boosting his 2010-11 earnings forecast for Newcrest Mining by 2% to $1.23 billion. Most analysts agree with his assessment.

Joel Scanlon

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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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