Singapore consortium secures $850m for South32’s Australian coking coal
South32 said in February it had agreed to sell the business in New South Wales state for $1.65 billion.
Australia’s Newcrest Mining Ltd reported its best annual profit on Thursday, as the country’s largest listed gold miner benefited from higher prices of the precious metal.
Prices of safe-haven gold rose more than 25% in 2020 due to pandemic-led uncertainty, but they have eased this year as a global economic recovery gathers steam.
Melbourne-based Newcrest netted $1,796 for each ounce of gold it sold in fiscal 2021, compared with $1,530 per ounce a year earlier.
That helped its underlying profit rise to $1.16 billion in the 12 months to June 30, from $647 million a year earlier. Analysts on average expected $1.17 billion, according to Refinitiv IBES data.
Newcrest declared a final dividend of 40 cents a share, compared with 25 cents a year earlier and analysts’ estimates of 33 cents.
However, the miner forecast lower gold output for fiscal 2022 as it expects production to weaken at its Cadia mine.
(By Soumyajit Saha and Shashwat Awasthi; Editing by Aditya Soni)
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