NCM - Newcrest
Newcrest Mining Limited (ASX: NCM) is an Australian gold mining company. It is Australia’s largest gold producer and one of the top 10 in the world. Currently it has four mines in Australia producing gold and copper and one in Indonesia. It was first listed on the Australia Stock exchange in 1987.
Newcrest was formed in 1921 in New York as a holding company for worldwide oil and mining companies. An Australian subsidiary was created in 1966 and in 1971 it discovered what is now the open cut Telfer gold and copper mine in Western Australia, one Newcrest’s prize possessions to this day. In 1987 Newmont Australia Limited was listed on the Australian Stock exchange, and in 1990 Newmont Australia Limited merged with BHP Gold Limited to form Newcrest Mining Limited. Around this time was also when Newcrest began to explore overseas, in Indonesia and Chile.
Most of Newcrest’s output is sold to smelters in Japan, where it is turned into pure gold bullion and sold to the Asian market.
Newcrest closed out its hedge book in 2008 and is now fully unhedged.
Profits for the half-year to 31 December 2009 were AUD$266.6 million.
Headquarters for Newcrest are in Melbourne, Australia.
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