Newcrest Mining — FY2018 Earnings Presentation
72 slides from Newcrest Mining's earnings presentation, August 2018
Slide 1: Newcrest Briefing Book
Newcrest Briefing Book August 2018 0
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation includes forward looking statements. Forward looking statements can generally be identified by the use of words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, “outlook” and “guidance”, or other similar
Slide 3: Zero fatalities and industry leading TRFIR
Zero fatalities and First quartile First quartile Group Five breakthrough Exposure to five tier 1 industry leading TRFIR Organisation Health AISC per ounce successes orebodies
Slide 4: Our Safety Transformation Plan
Our Safety Transformation Plan Everybody going home safe and healthy every day Zero fatalities and life-changing injuries Build a stronger safety Critical controls for Robust process culture through NewSafe every high-risk task safety management Everybody making safer Verifying that the most Systema
Slide 5: Safety update
Safety update FY15-FY18 TRIFR1 Critical Control Management Verifications 3.6 3.7 3.3 2,028 2.4 in FY18 252,477 in FY18 FY15 FY16 FY17 FY18 Integrated Safety System Highlights with existing systems • Safety Transformation remains the focus Process Safety • NewSafe NextGen launched at Cadia and • Exte
Slide 6: Forging a Stronger Newcrest
Forging a Stronger Newcrest Long Low cost reserve life production Organic growth Do what options we say (at Cadia, Lihir and Wafi Golpu) Strong exploration & technical Financially robust capabilities 5
Slide 7: Our Assets
Our Assets Cadia FY19 Prod. Guidance: 800-880koz Au, ~90kt Cu1 FY18 AISC: $171/oz Mining method: Panel Cave mining from Cadia East (Panel Cave 1 and 2), with underground crushing and conveyor to surface Product: Principally copper/gold concentrate, gold doré Lihir FY19 Prod. Guidance: 950-1050koz Au
Slide 8: Newcrest retains long reserve life advantage
Newcrest retains long reserve life advantage Indicative AISC Margin - Interest Exp US$ per ounce1 Note: Width of bubble size represents relative size of gold reserves, indicative AISC margin based on $1,200 gold price 400 Barrick Goldcorp Newcrest 300 Kinross Newmont 200 Gold Fields AngloGold 100 0
Slide 9: Newcrest retains long reserve life advantage
Newcrest retains long reserve life advantage Indicative AISC Margin - Interest Exp US$ per ounce1 Note: Width of bubble size represents relative size of gold reserves, indicative AISC margin based on $1,200 gold price 400 Barrick Goldcorp Newcrest 300 Kinross 200 Newmont Gold Fields AngloGold 100 0
Slide 10: Large ore bodies are rare
Large ore bodies are rare Reserve base of operating assets of major peers (moz)1 30.00 25.00 20.00 15.00 10.00 5.00 - 1 Based on producing assets held by Barrick, Newmont, Goldcorp and Newcrest with an attributable reserve >4moz. Source: Company reports as at 8 August 2018. Reserves reflect proven a
Slide 11: Newcrest's reserve ounces arguably undervalued
Newcrest’s reserve ounces arguably undervalued Enterprise Value to Gold Equivalent Reserve Ounce ($/oz)1 $900 $800 $700 $600 $500 $400 $300 Avg. (ex NCM) $200 $100 $0 Gold Fields Newcrest AngloGold Goldcorp Kinross Barrick Yamana Newmont Evolution Randgold Agnico Northern Ashanti Eagle Star 1 Source
Slide 12: Strong total shareholder returns
Strong total shareholder returns Total Shareholder Return – 1 July 2015 to 30 June 2018 (%)1 150 100 NCM AUD +71% Cumulative Total Shareholder Return (%) NCM USD +64% 50 Gold Index +30% - (50) (100) 30/06/2015 31/12/2015 30/06/2016 31/12/2016 30/06/2017 31/12/2017 30/06/2018 Newcrest AUD Newcrest US
Slide 13: FY18 key achievements
FY18 key achievements Improved • Zero fatalities 1 Safety • TRIFR of 2.4, 28% improvement on FY17 • Produced 2.35moz gold and 78kt copper • Met updated guidance for the year (only 2 % below original guidance) • Lihir achieved record gold production, exceeded its 14mtpa sustainable mill throughput Pr
Slide 14: FY18 summary by asset
FY18 summary by asset Lihir Cadia Telfer 900 940 955 Production koz 689 667 669 620 600 520 462 386 426 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 1,156 1,178 1,262 934 967 AISC $/oz 830 858 791 203 274 241 171 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 • Three cons
Slide 15: FY18 summary by asset
FY18 summary by asset Gosowong Bonikro 332 296 Production koz 251 197 120 138 128 115 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 1,105 935 882 941 AISC $/oz 719 757 738 801 FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18 • Production and AISC adversely • Divested on 28 March 2018 impacted by lower head grades
Slide 16: Cadia – a world class facility
Cadia – a world class facility Low cost Long life Organic growth One of the lowest all- 38 years Future growth in sustaining costs of reserve life2 through mine ramp any gold mine in the up and increased world1 processing 1 Based on FY18 AISC 2 Reserve life is indicative and calculated as proven and
Slide 17: Cadia – Cash generation plus growth potential
Cadia – Cash generation plus growth potential Cadia Site Process Key Statistics 1 Element Description Gold Reserve Life: ~38 years Gold Reserves: 23 moz Mining Panel Cave mining from Gold Resources: 39 moz Cadia East (Panel Cave 1 and 2), with underground Copper Reserves: 4.4 mt crushing and conveyo
Slide 18: Cadia Expansion PFS Findings
1,2 Cadia Expansion PFS Findings Debottlenecking to 33mtpa with upside potential to 35mtpa Project capital: $598m - Plant expansion: $ 58m - PC2-3 development: $ 540m IRR: 21% Payback (years): 8 NPV: $887m 1,000 120 900 100 800 Copper Production (Koz) Gold Production (Koz) 700 80 600 500 60 400 40 3
Slide 19: Cadia – Pre-Feasibility Study Indicative mine plan
Cadia – Pre-Feasibility Study Indicative mine plan1,2,3,4 Timing (Years) Total material movement (Mt) Plant Feed (Mt) Average Gold grade (g/t) Average Copper grade (%) FY19 – 21 ~90 ~91 1.0 0.4 FY22 – 24 ~99 ~94 0.6 0.3 FY25 – 27 ~99 ~99 0.5 0.4 FY28 – 30 ~99 ~99 0.4 0.3 FY31 – 33 ~99 ~99 0.5 0.3 FY
Slide 20: Cadia's indicative cave production schedule
Cadia’s indicative cave production schedule1,2 Panel Cave Start Construction First production Ore (mt) PC2-3 FY19 FY22 122 PC1-2 FY21 FY25 401 PC3-1 FY36 FY38 153 PC2-4 FY42 FY43 106 PC5001 FY44 FY47 93 PC1-4 FY48 FY52 154 PC2-5 FY49 FY52 35 35 30 25 Ore Production (mtpa) 20 15 10 5 0 PC1‐4 PC2‐5 PC
Slide 21: Cadia panel cave development
1 Cadia panel cave development 1 Diagram is taken from the Prefeasibility Study, which was prepared with the objective of being subject to an accuracy range of ±25%. Panel cave development is subject 20 to completion of the Feasibility Study, all necessary permits, regulatory requirements and Board
Slide 22: Value add through technical innovation
Value add through technical innovation 1 Ore reserve & Mineral resource enhanced by bulk underground mining approach 40 Ore Reserve Mineral Resource moz 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 Historical ore reserve and mineral resource figure
Slide 23: Cadia Molybdenum Plant Pre-Feasibility Study
Cadia Molybdenum Plant Pre-Feasibility Study 1 PFS Key Findings Mo plant First stage Cu-Mo Bulk IRR: >20% feed tank separation concentrate Capital cost: <$100m thickener First production: CY 2020 By-product credit AISC: around $30/oz2 Regrind mill Holding Final Cu tank concentrate Proposed facilitie
Slide 24: Cadia - Site overview
Cadia - Site overview Commercial, Cadia Hill administration & open pit processing Waste rock Cadia East dumps subsidence Location of embankment Water storage slump Southern Northern Tailings Facility Tailings Facility 23
Slide 25: Embankment slump dimensions
Embankment slump dimensions Estimated time of failure : 7:00pm 9 March 2018 ~100m Initial backs scarp ~270m cracks – 9 March ~370m Circular failure cracks first observed 9 March 24
Slide 26: Lihir – one of the largest gold deposits in the world
Lihir – one of the largest gold deposits in the world Longevity Attractive Organic growth 26 years of Margins Setting and achieving reserve life and 54 ~$374/ounce2 growth in mill throughput years resource life1 rates 1 Reserve life is indicative and calculated as proven and probable gold reserves (
Slide 27: Lihir – Turnaround continues
Lihir Lihir – Turnaround continues Site Process Key Statistics 1 Gold Reserve Life: ~26 years Element Description Gold Reserves: 25 moz Mining Open pit drill, blast, load Gold Resources: 52 moz and haul mining, currently in Phase 9 of Minifie Pit and FY19 Prod. Guidance: 950-1050koz Au2 Phases 14 &
Slide 28: Lihir's increased throughput lowers AISC per oz
Lihir’s increased throughput lowers AISC per oz 15mtpa 12mtpa 13mtpa 14mtpa By end of June By December 2015 By December 2016 By December 2017 20191 Achieved with 12.4mtpa Achieved with 13mtpa in × Achieved with 15mtpa • Current target in December 2015 December 2016 quarter in March 2018 quarter
Slide 29: Organic growth options at Lihir
Organic growth options at Lihir1 • Steady increase in mill throughput • Since plant expansion completed in FY13, only small expansion capital spend • Aspirational target of 17mtpa – multiple potential avenues to achieve FY19 • Improved reliability Target: FY18 15mtpa • Low capital options 14mtpa FY1
Slide 30: Lihir - Indicative mine plan
1,2,3,4,5 Lihir - Indicative mine plan Timing Total Material Tonnes to Ex-pit Tonnes Stockpile Tonnes Average Feed Sources Waste (Mt) Plant Feed (Mt)4 (Years) Moved (Mt)3 Stockpiles (Mt) Fed (Mt) Fed (Mt) Grade g/t Minifie & Lienetz, medium grade FY19-23 340-350 140-150 35-40 30-35 40-50 70-80 ~2.6
Slide 31: Wafi-Golpu – Updated Feasibility Study
Wafi-Golpu Wafi-Golpu – Updated Feasibility Study1 Key Statistics – Golpu2 Gold Reserves: 5.5 moz IRR3: ~18.2% (real) Avg. copper grade: 1.27% Gold Resources: 9.3 moz NPV: ~$2.6bn (real) Avg. gold grade: 0.9 g/t Copper Reserves: 2.5 mt Payback: ~9.5 years from Avg. annual copper commencement of prod
Slide 32: Wafi-Golpu – Indicative production
Wafi-Golpu – Indicative production1,2,3 1 Figures above reflect 100% of project, Newcrest owns 50% of the project. These figures are estimates from the updated Feasibility Study (as at 19 March 2018) and as such were prepared with the objective of being subject to an accuracy range of ±15%, with the
Slide 33: Wafi-Golpu – Indicative free cashflow
Wafi-Golpu – Indicative free cashflow1,2 Year post grant of SML 1 2 3 4 5 6 and board approval Undiscounted FCF $(133)m $(374)m $(465)m $(1,003)m $(766)m $(82)m (100% basis) 1 Figures above reflect 100% of project, Newcrest owns 50% of the project. These figures are estimates from the updated Feasib
Slide 34: Telfer – Seeking to maximise value
Telfer Telfer – Seeking to maximise value Site Process Key Statistics 1 Element Description Gold Reserve Life: ~6 years Gold Reserves: 2.4 moz Mining Open pit mining contracted to Macmahon Gold Resources: 8.2 moz Copper Reserves: 0.21 mt Underground sub-level cave Copper Resources: 0.66 mt and stope
Slide 35: Telfer – Indicative mine plan
Telfer – Indicative mine plan Mineral Resource & Ore Reserves1 Cutback Timetable Gold Copper FY19 onwards2,3 Dry Tonnes Grade Insitu Gold Dry Tonnes Insitu Timing Indicative Grade (%) Pit Cutback Stage (Million) (g/t) (Moz) (Million) Copper (Mt) (years) Cost Ore Reserves Main Dome Open Pit 21 0.56 0
Slide 36: Telfer hedge profile
Telfer hedge profile Financial Year Ending Gold Ounces Hedged Average Price A$/oz 30 June 2019 231,224 1,739 30 June 2020 204,794 1,729 30 June 2021 216,639 1,864 30 June 2022 204,615 1,902 30 June 2023 137,919 1,942 Total 995,191 1,826 *During FY18 Newcrest realised 294,697 ounces of Telfer gold he
Slide 37: Gosowong
Gosowong Gosowong Site Process Key Statistics1 Gold Reserve Life: ~2 years2 Element Description Gold Reserves: 0.48 moz Mining Underground mining using Gold Resources: 1.2 moz predominantly underhand cut-and-fill (Kencana) and 3 FY19 Prod. Guidance: 200-240koz Au long hole stopes with paste fill (To
Slide 38: Gosowong – Indicative mine plan
Gosowong – Indicative mine plan Mineral Resource & Ore Reserves1 Gold Silver Dry Tonnes Grade Insitu Gold Grade Insitu Silver (millions) (g/t) (Moz) (g/t) (Moz) Ore Reserves 1.9 8.0 0.48 10 0.62 Mineral 3.7 10 1.2 14 1.7 Resources Proposed indicative development of Gosowong mining operations2,3 Timi
Slide 39: Unique suite of capabilities in the gold industry
Unique suite of capabilities in the gold industry Lihir, Telfer Telfer Gosowong Telfer Cadia Open pit Selective Reef Underground Narrow Vein Bulk Sublevel Caving Underground Block Caving Large scale comminution Pressure oxidation Processing Copper-gold flotation Cyanide & carbon in leach 38
Slide 40: Targeting orebodies which fit our skills
Targeting orebodies which fit our skills Cote d’Ivoire Australia Ecuador Seguela Project (100%) Mendooran project (O & FI) SolGold Investment (EI) OSEAD Project (FI) Second Junction Reefs project (JV) Lundin Investment (EI) Randgold JV (50%) Euro project (O & FI) Sinaim Project (O)
Slide 41: Experienced exploration team
Experienced exploration team 1 Long life mines = time to explore Approach to smarter targeting 2 Smarter targeting for deeper deposits 3 Ability to mine all types of ore bodies Depth of Discoveries Source: Minex consulting 2016 40
Slide 42: Deep exploration capability key for next discovery
Deep exploration capability key for next discovery 1 Better than average ground selection Advanced exploration models 2 Low level pathfinder geochemistry 3 Targeted use of technology Micro-scale gold mapping in pyrite 4 Smarter and rapid interpretation of data Data Cloud Drill early and often 5 6 Cr
Slide 43: Our performance Edge
Our performance Edge The vision Measure of success Our relentless drive to realise the Safely maximising cash generation full potential of our assets 1 2 3 Stretch Targets Owner’s Mindset Operating discipline Aspirational targets that drive A strong owner’s mindset and Rapidly identify and capture b
Slide 44: Our technology and innovation plan
Our technology and innovation plan The vision Measure of success Unlock full potential of assets through Quickly transform tough innovation and step change thinking deposits into tier one assets 1 2 3 Transformative Collaboration and Fast Vision Experimentation Adoption + + Realise full potential of
Slide 45: Our people plan
Our people plan Our people vision Measure of success Talented people working together to High performance no-nonsense culture with top their full potential quartile organisational health 1 2 3 Get the basics Develop our Create a diverse right people and and inclusive + capability + environment The r
Slide 46: An aligned executive remuneration structure
An aligned executive remuneration structure 1 Short Term Incentive Criteria People, Safety Safety & Sustainability 25% 25% Operating Earnings Performance 25% 25% Personal Business measures measures Value & Cash 40% 60% Costs Generation 25% 25% Profitable Free Cash Flow Growth 25% 25% Long Term Incen
Slide 47: Delivering on Edge focus on cash generation
Delivering on Edge focus on cash generation Nine consecutive halves of positive free cash flow ($m) 639 560 481 467 355 254 258 214 134 FY14 H2 FY15 H1 FY15 H2 FY16 H1 FY16 H2 FY17 H1 FY17 H2 FY18 H1 FY18 H2 46
Slide 48: Improved balance sheet strength
Improved balance sheet strength Debt, Cash and Leverage1,2 5,000 3.0 (times) ($m) 4,000 2.5 3,000 2.0 2,000 1.5 1,000 1.0 - 0.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 (1,000) - (2,000) (0.5) US Private Placement Notes Corporate Bonds Other Bilateral Bank Debt Cash (as negative) Leverage Ratio
Slide 49: Good debt structure and clean balance sheet
Good debt structure and clean balance sheet Maturity profile as at 30 June 20181 ($m) 1,200 Corporate Bonds 900 600 300 - FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY42 • FY17 – Fully repaid US Private Placement debt and drawn bank facilities • No goodwill remaining on the balance sheet • Relatively low le
Slide 50: Improving financial policy metrics
Improving financial policy metrics Element Target 30 June 2016 30 June 2017 30 June 2018 Leverage ratio Less than 2.0x 1.6x 1.1x 0.7x Financial Metrics (Net Debt / EBITDA) (for trailing 12 months) Gearing Ratio Less than 25% 22.8% 16.6% 12.2% Credit rating Aim to maintain investment grade Investment
Slide 51: Focused on returns to shareholders
Focused on returns to shareholders Dividend Policy1 Newcrest’s dividend policy seeks to balance financial performance and capital commitments with a prudent leverage and gearing level for the Company. Newcrest looks to pay ordinary dividends that are sustainable over time having regard to its financ
Slide 52: FY18 Financial Results
FY18 Financial Results Underlying Profit Movement ($m) Revenue Operating Costs Depreciation & $85 million $(34) million Amortisation 109 $(106) million 106 135 2 459 394 (88) (39) (3) (11) (23) (10) (95) (11) (7) Copper sales volumes Non controlling interests Gold sales volumes FY17 Gold price Coppe
Slide 53: FY18 strong operating cash flow & investment in growth
($m) FY18 EBITDA 1,565 Exploration expenditure 68 written-off & Non-cash items Working Capital (27) movements Interest & taxes (172) paid Cashflow from operating 1,434 activities Lundin Gold (251) Azucar (15) Minerals SolGold (9) Investments $275 million Production stripping (150) Sustaining (250) c
Slide 54: Long-term metal assumptions used for Reserves and Resources estimates
Long-term metal assumptions used for Reserves and Resources estimates1 Long Term Metal Newcrest & Assumptions MMJV Mineral Resources Estimates Gold Price US$1,300/oz Copper Price US$3.40/lb2 Silver Price US$21.00/oz Ore Reserves Estimates Gold Price US$1,200/oz Copper Price US$3.00/lb3 Silver Price
Slide 55: Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves 31 December 2017 Gold Mineral Resources1 Comparison to Dec-16 Dec-17 Mineral Resources Measured Resource Indicated Resource Inferred Resource Dec-17 Total Resource Total Resource Competent Person Dry Gold Dry Gold Dry Gold Dry Gold Insitu Gold Dry Gold Insitu Gold
Slide 56: Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves 31 December 2017 Copper Mineral Resources1 Comparison to Dec-16 Dec-17 Mineral Resources Measured Resource Indicated Resource Inferred Resource Dec-17 Total Resource Total Resource Competent Person Dry Copper Dry Copper Dry Copper Dry Copper Insitu Copper Dry Coppe
Slide 57: Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves 31 December 2017 Gold Ore Reserves1 Comparison to Dec-16 Dec-17 Ore Reserves Proved Reserve Probable Reserve Dec-17 Total Reserve Total Reserve Competent Person Dry Gold Dry Gold Dry Gold Insitu Gold Dry Gold Insitu Gold Gold Ore Reserves Tonnes Grade Tonnes Grade
Slide 58: Mineral Resources and Ore Reserves
Mineral Resources and Ore Reserves 31 December 2017 Copper Ore Reserves1 Comparison to Dec-16 Total Dec-17 Ore Reserves Proved Reserve Probable Reserve Dec-17 Total Reserve Reserve Competent Person Dry Copper Dry Copper Dry Copper Insitu Copper Dry Copper Insitu Copper Copper Ore Reserves Tonnes Gra
Slide 59: Recent update to Cadia East and Cadia Hill Ore Reserves
Recent update to Cadia East and Cadia Hill Ore Reserves1 Cadia East Ore Reserve Ore Gold Copper Silver Mt g/t Moz % Mt g/t Moz Total Ore Reserve 1,400 0.49 22 0.30 4.2 0.79 35 Proved Ore Reserve Probable Ore Reserve 1,400 0.49 22 0.30 4.2 0.79 35 On 23 April 2018 Newcrest announced that the Cadia Hi
Slide 60: Supply & demand data
Supply & demand data Gold demand & supply (tonnes)1 China and India make up 2016 2017 >50% of jewellery Jewellery 2,053.6 47% 2,135.5 52% demand Technology 323.4 7% 332.8 8% Electronics 255.6 6% 265.3 7% Other Industrial 49.8 1% 50.6 1% Dentistry 18.0 0% 16.8 0% Investment 1,595.5 37% 1,231.9 30% To
Slide 61: Supply & demand data (cont)
Supply & demand data (cont) Gold demand by jurisdiction (tonnes)1 Supply by jurisdiction2 Jewellery 2017 Country % Greater China 697 33% China 14% India 563 26% Australia 9% Middle East 191 9% Russia 8% Americas 172 8% United States 7% Other Asia 164 8% Peru 5% Europe ex CIS 74 3% South Africa 5% Ot
Slide 62: Supply & demand data (cont)
Supply & demand data (cont) Number of discoveries decreasing … and taking longer to go from – especially large deposits1 discovery to production1 1 Source: MinEx Consulting 2 Source: MinEx Consulting, Aug 2014. Analysis based on 1,294 primary gold deposits >0.1 Moz found in the World between 1975-20
Slide 63: Volatility of gold versus other metals
Volatility of gold versus other metals Gold price 2011 to 2018 (US$/oz)2 High price as % low prices since January 20111 2,000 500% 450% 1,800 400% 1,600 350% 300% 1,400 250% 1,200 200% 150% 1,000 3 year trading range 100% $1,051 - $1,366/oz 800 50% 0% 600 Jan Jan Jan Jan Jan Jan Jan Jan 11 12 13 14
Slide 64: Gold has acted as investment hedge
Gold has acted as investment hedge Asset class performance following major events 20% 0% -20% -40% -60% Gulf War I 9/11 2002 GFC recession Gold US Equities Commodities Real Estate Private Equity Source: Extract of data from The Strategic Case for Investing in Gold, September 2016, D Mazza. Cites Fac
Slide 65: Operating costs – exchange rate exposure estimates
Operating costs – exchange rate exposure estimates Newcrest is a US dollar reporting entity, its operating costs will vary in accordance with the movements in its operating currencies where those costs are not denominated in US dollars. The table below shows indicative currency exposures on operatin
Slide 66: Operating costs – indicative costs by type
Operating costs – indicative costs by type 1 The below represents an indicative exposure on operating costs by a variety of spend types (FY18) Maintenance Energy and Labour 2 Consumables (excl labour) Other3 Total Fuel and Parts Cadia 35% 15% 15% 20% 15% 100% Telfer 35% 15% 15% 15% 20% 100% Lihir 40
Slide 67: Foreign exchange sensitivities and oil hedges
Foreign exchange sensitivities1 and oil hedges Approximate Full Year Site Parameter Movement EBIT Impact (US$m) Cadia AUD/USD +0.01 AUD (0.75 → 0.76) (9) Telfer AUD/USD +0.01 AUD (0.75 → 0.76) (3) Lihir USD/PGK -0.1 PGK (3.20 → 3.10) (8) Gosowong USD/IDR -1,000 IDR (13,500 → 12,500) (10) Group AUD/U
Slide 68: "Underlying Profit" reconciliation
“Underlying Profit” reconciliation 12 months ended 30 June 2018 30 June 2017 US$m US$m Statutory Profit 202 308 Asset impairment loss1 194 - 1 Loss on business divestment - 10 Net investment hedge loss/(gain)1 (29) 62 Write-down of property, plant and equipment1 86 14 Write-down of tax asset1 6 - To
Slide 69: AISC and AIC to cost of sales reconciliation
AISC and AIC to cost of sales reconciliation 12 months to 30 June 2018 12 months to 30 June 2017 US$m US$/oz US$m US$/oz Gold sales (koz)1 2,308 2,377 Cost of Sales 2,724 1,180 2,541 1,069 less Depreciation and amortisation (777) (336) (671) (282) less By-product revenue (543) (235) (476) (200) plus
Slide 70: FY18 results
FY18 results Element Cadia Lihir Telfer Goso- Bonikro Wafi- Corp / Group wong Golpu Other Gold Production (koz) 600 955 426 251 115 2,346 Copper Production (kt) 62 - 16 - - 78 AISC ($m) 100 869 533 234 83 107 1,926 Capital Expenditure - Production Stripping1 - 95 43 - 12 - - 150 - Sustaining Capital
Slide 71: FY19 guidance
FY19 guidance1 Element Cadia Lihir Telfer Goso- Wafi- Corp / Group wong Golpu Other Gold production (koz) 800-880 950-1,050 400-460 200-240 - - 2,350-2,600 Copper production (kt) ~90 - ~13 - - - 100-110 AISC ($m)2,3 85-155 880-935 530-575 230-250 - 95-110 1,870-1,970 Capital expenditure - Production
Slide 72: NEWCREST MINING LIMITED
NEWCREST MINING LIMITED Board Forward Shareholder Enquiries to Peter Hay Non-Executive Chairman Link Market Services Sandeep Biswas Managing Director and CEO Tower 4, 727 Collins Street Gerard Bond Finance Director and CFO Melbourne, Victoria, 3000 Philip Aiken AM Non-Executive Director Australia Ro