Newcrest Mining Limited is among the top ten gold mining giants and the largest Australian-based mining company. The gold producer is engaged in the exploration, mining, and processing of gold and copper. Its profit after tax stands at $163.4 million in 2008.
The recent history of Newcrest Mining is marked by the 1990 merger of BHP Gold Mines Limited and Newmont Australia Limited. In 1991, Newcrest founded subsidiary companies in Indonesia and South America. The company commenced its first overseas operation on the Halmahara Islands in 1992.
Newcrest Mining processes 1.5 million ounces of gold per year. Its total gold reserves amount to 70.6 million ounces. At present, the company operates six mining sites. The Cadia Hill, located in New South Wales, is one of the largest Australian gold and copper mines. The Ridgeway site is a sizeable gold and copper mine, situated northwest of Cadia Hill. As of 2008, the two operations have produced 0.72 million ounces of gold and 0.06 tonnes of copper. The Cracow mine in Central Queensland represents a joint venture of Newcrest Mining and Lion Selection Limited. The site has yielded 72 thousand ounces of gold. The Gosowong operation on the Halmahera Island is the highest grade gold mine in the world. The site has produced 0.4 million ounces of gold in 2008. Situated in Western Australia, the Telfer gold and copper operation covers two sites: the Telfer Open Pit and the Telfer Underground. In 2008, the mines have produced a total of 0.59 million ounces of gold and 0.027 tonnes of copper. The exploration projects of Newcrest Mining are mostly focused on Australian mining sites. Projects in the Cadia Valley and Gosowong, among others, cover 25.9 million gold ounces and 4.1 million tonnes of copper. The gold and mineral reserves of the company extend the mining life of the existing sites and boost the shareholders` returns. In addition, the gold producer is exploring copper and gold deposits in Chile, Fiji, Peru, and the United States.
The shares of Newcrest Mining are listed under the symbol NCM at the Australian Securities Exchange. The company is a Tier I gold producer.