Newcrest Increases Exploration Cost for Indonesia in 2010

Resources

Wednesday, 18 August 2010 13:08

ASX-listed Newcrest Mining Limited said it had increased exploration cost for gold, copper and silver mines, in Indonesia and Papua New Guinea (PNG) in 2010, with spending in Indonesia representing 22% of total exploration cost.

It said in a filing to Australian Securities Exchange (ASX) on Monday that its exploration expenditure totaled $101 million, lower than $109 million it spent in 2009.

The company spent $786 million for its capital expenditure in 2010, dropped significantly from $1,270 million a previous year as it spent no capex for acquisition of joint venture. In 2009, Newcrest spent $661 million for joint venture acquisition.

The company recorded underlying profit of A$764 million in the 2010 fiscal year, a 58% rise compared to A$483 million in 2009. EBITDA margin also increased to 51%, from 41% a previous year.

It said revenue grew by 11%, with gold's revenue rising 11% to $2,126 million while copper's revenue growing 10% to A$652 million.

The company said gold sales rose 7% to 1,745,000 ounces while copper sales declined 7% to 87,000 tons.

Newcrest targets to produce 1,850-1,950 koz of gold and 80-86 kt of copper in 2011. It produced 1,762 koz of gold and 87 koz of copper in 2010. It also targets to produce 1,700-2,100 koz of silver in 2011, compared to 1,370 it produced in 2010.

The company allocates A$1,275-1,395 million for capex in 2011 and A$95-105 million for exploration, discovery & Resource Definition expenditure.

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