NCMGY - Newcrest Mining: Margin Expansion Continues On Back Of Higher Metals Prices
- Newcrest released its fiscal Q4 and FY2021 results last month, reporting gold production of ~542,300 ounces and copper production of ~40,200 tonnes.
- This translated to a 5% decline in gold output and 4% decline in copper output relative to fiscal Q42020, with Cadia & Lihir posting much lower production year-over-year.
- Fortunately, higher copper and gold prices more than offset the decline in output, driving significant margin expansion, and a solid finish to FY2021 from a financial standpoint.
- Newcrest remains very reasonably valued below US$20.00, and is the premier way to play the sector for those looking for both gold and copper exposure.
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Newcrest Mining: Margin Expansion Continues On Back Of Higher Metals Prices