Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Australia’s biggest gold producer, Newcrest Mining (ASX:NCM) posted some positive figures Monday, with first-half profit more-than doubling and news of an interim dividend to be paid.
The miner attributed the good results to higher metals prices, increased gold and copper output and productivity improvements.
Newcrest logged a net profit for the six months to December 31 of $187 million (A$243.7 million), up from $81 million a year earlier.
The miner attributed the good results to higher metals prices, increased gold and copper output and productivity improvements.
Not counting one-off items, underlying profit more than quadrupled to $273 million, from $63 million.
The Melbourne-based company also said it would pay an interim dividend of 7.5 cents a share. Newcrest resumed divvy payments in August, for the first time in three years, as chairman Peter Hay highlighted a strengthening financial position and outlook for the company.
Gold output for the half-year climbed 2% to 1.23 million ounces, while copper production rose a whooping 26% to 48,899 tonnes.
Newcrest managing director and CEO Sandeep Biswas said was he pleased with the company’s operational performance in the period, particularly at its Lihir operation in Papua New Guinea and its Cadia Valley operation in New South Wales.
“Lihir achieved its target mill throughput rate of 13mtpa (annualized) and Cadia achieved significant milestones in cave development and interaction,” he said.
Newcrest’s stock gained almost 60% in 2016 and is up another 11% so far this year. It closed 0.80% up on Monday A$22.72.
