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Gold prices boost Newcrest profit
Gold prices boost Newcrest profit

Newcrest Mining's full year profit is up 23 per cent due to rising gold prices and the company expects gold production to rise in the current financial year.

Newcrest today posted a net profit of $1.12 billion for the year to June 30, up from $908 million in the previous corresponding period.

Revenue of $4.4 billion in the year to June was an eight per cent increase on the previous year's $4.1 billion.

Newcrest produced 2.29 million ounces of gold in the year to June, a drop of 10 per cent on the previous year.

The company said it expected production in the 2012/13 financial year to be in a range of 2.3 million to 2.5 million ounces.

Copper production in the year to June of 76,015 tonnes was up one per cent on the previous year.

Newcrest said it expected copper production in 2012/13 to be in the range of 75 thousand tonnes to 85 thousand tonnes.

More to come….