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Friday, 17th August 2007 (3550 views)

Profit from operations at Newcrest Mining rose during 2007, the company has noted, revealing its end of year financial report.

Newcrest's operations profit rose 40 per cent to AUS $194.5 million (£76 million) on increased gold output.

During 2007, group ore reserves increased by 0.7 million ounces to 33.2 million ounces of gold with ore reserves at the Kencana underground mine rising by 0.2 million ounces of gold to 2.4 million ounces.

"Exploration expenditure totalled AUS $59.9 million, of which AUS $47.2 million was expensed ... on a geographical basis, the greenfields exploration was largely in Australia and the Americas while the brownfields included AUS $7.3 million for Gosowong (Kencana)," a statement read.

Newcrest also revealed that ore reserves at Cadia East underground mine increased by 1.7 million ounces to 8.9 million ounces of gold in 2007.

 

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