Australia’s largest gold miner, Newcrest Mining has reported an underlying profit of $611 million for the half year to December, 17% higher than for the same period last year.

 

Gold sales volumes of 1,218,242 ounces were 1%higher than the corresponding prior period, while copper sales volumes were 8% higher and silver sales volumes 26% higher.

 

The company reported total capital expenditure of $1,254 million for the half year, with major expansion projects including Cadia East ($1.9 billion) which  is more than 65% complete and Lihir’s US$1.3 billion Million Ounce Plant Upgrade (MOPU) which  is more than 70% complete.