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NCMGF - Newcrest Mining: Reason For Caution Heading Into Fiscal 2021
Newcrest Mining Ltd Ord
As one of the most liquid ASX-listed gold names, Newcrest Mining (NCMGF) may screen as an ideal candidate for a defensive portfolio hedge, but I do have some concerns heading into fiscal 2021. While fiscal 2020 numbers largely lived up to expectations, the more challenging outlook for Lihir, for instance, could see the achievement of the 1Mozpa target delayed further. Admittedly, NCM does have a strong resource base and a compelling set of growth opportunities available, but the realization of value from these opportunities will likely prove to be a long-dated, costly proposition, complete with