NCMGF - Newcrest Mining: A Weak Start To FY2021

• Newcrest released its Q3 results earlier this month and reported quarterly gold production of 503,000 ounces and 35,000 tonnes of copper.
• Given the significantly lower production on a year-over-year basis, all-in sustaining costs rose to $980/oz, an increase of nearly 10% year-over-year.
• While Newcrest remains attractive on a valuation basis, the company is no longer a sector leader from a margin standpoint unless costs drop going forward.
• I continue to see dips below US$21.00 as low-risk buying opportunities, but I believe there are much better options elsewhere in the sector.

For further details see: