Dakota Gold infill drilling bodes well for Q1 Richmond Hill resource update
The 17,000-metre drill campaign in South Dakota's Homestake District aims to expand on an initial resource reported in April.
Newcrest Mining Ltd. has reported its largest annual loss ever, with a collapsing gold price pushing total write-downs to $5.73 billion.
Disruptions at a handful of Newcrest’s mines has also decimated earnings for the gold miner over the past 12 months. Annual gold production was down 8% to 2.11 million ounces during the same 12-month period.
Citing cost concerns and the production issues, credit rating agency Moody’s downgraded Newcrest in July.
Key points from Newcrest’s 12-month financial results ended June 30, 2013:
Asset impairment and asset write-down A$6,229 million resulting in Statutory loss of A$5,778 million
Underlying profit A$451 million
Operating cash flow A$707 million
Major project delivery at Cadia East and Lihir; both operating in line with the Company’s expectations
A$958 million in cash and undrawn, committed bank facilities, and gearing of 29.1%, at 30 June 2013
Company expected to be free cash flow positive in FY14 at a gold price of A$1,450 per ounce with all capital expenditure, exploration programs and corporate overheads funded from operating cash flow
Each asset is being managed to be free cash flow neutral or positive in FY14 at gold price of A$1,450/oz
Sources: Newcrest Mining Ltd., The Wall Street Journal
