For the year ended 30 June 2017 Newcrest has reported a Statutory profit2 of $308 million and an Underlying profit3 of $394 million from gold production of 2.38 million ounces.
Key Points for Full Year ? Fatality-free and a reduced TRIFR rate ? Gold production4 of 2.38 million ounces at a Group All-In Sustaining Cost3 of $787 per ounce ? Increase in Underlying profit of 22% and cash flow from operating activities of 18% ? Free Cash Flow3 of $739 million enabling a 29% reduction in net debt to $1.5 billion ? Final dividend of US 7.5 cents per share (70% franked), taking total annual dividend to US 15 cents per share ? New dividend policy targeting a dividend payout of at least 10-30% of that financial year’s free cash flow, with the dividend being no less than US 15 cents per share on a full year basis ? Cadia mill throughput targeting an increase to 30mtpa by June 2018 through process improvement5
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said: “Financial year 2017 was marked by a significant improvement in our safety performance and a number of operational achievements, particularly at Lihir and Cadia. Lihir achieved record annual mill throughput and gold production and Cadia completed establishment of the Panel Cave 2 footprint. All operations contributed to the free cash flow generation of the Group, which has been applied to both further reducing net debt and strengthening the balance sheet as well as increasing dividends to shareholders. Notwithstanding the seismic event that impacted Cadia and the Group in the fourth quarter of FY17, Newcrest achieved a small increase in production from operations excluding Hidden Valley and achieved Group production guidance for the fourth year in a row, showing that Newcrest delivers on its commitments.”
Safety Newcrest’s safety performance was an improvement on the prior year, with there being no fatalities at Newcrest and the TRIFR decreasing ~10% to 3.3 per million man hours. The continued commitment and adherence to Newcrest’s Safety Transformation Plan has underpinned this improvement.
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http://www.newcrest.com.au/media/financial_reports/2017/FY17_Results_Release.pdf |
