Quarterly Report Newcrest Mining Limited For the three months ending 30 September 2011 (These figures are unaudited)

Transcription

1 Overview Quarterly Report Newcrest Mining Limited For the three months ending 30 September 2011 (These figures are unaudited) Newcrest s production and cost guidance is maintained for September quarter gold production of 587,296 ounces was 16% lower than the previous quarter primarily as a result of maintenance shutdowns at Lihir, Telfer and Gosowong and high rainfall at Lihir. Copper production of 19,228 tonnes was slightly lower than the previous quarter. Gross cash margin increased by 19% to A$1,029 per ounce associated with a higher realised gold price of A$1,623 per ounce during the quarter. Cash costs of A$594 per ounce were 10% higher than the previous quarter reflecting lower gold production and higher maintenance costs associated with processing plant shutdowns. Strong exploration results continued during the quarter at Wafi-Golpu, Namosi, Lihir, Gosowong and Telfer. Newcrest s two major expansion projects, Cadia East and Lihir MOPU continued to plan during the quarter with equipment tie-ins undertaken at Lihir. Both projects remain on track with no change to scheduled completion dates or estimated project costs. The proposed sale of Newcrest s interests in Cracow (70%) and Mt Rawdon (100%) to Evolution Mining Limited (a new mid-tier gold company to be formed by the merger between Catalpa Resources Limited and Conquest Mining Limited) has been approved by Catalpa and Conquest shareholders, and all other conditions have been satisfied or waived. Completion of the sale of Cracow and Mt Rawdon is on track for early November 2011 and preparation for completion and transition to the new owners is well underway. Newcrest has been awarded credit ratings of BBB+ outlook stable by Standard & Poor s and Baa2 outlook stable by Moody s. Credit ratings provide access to the longer term US debt capital markets. Shorter term bilateral debt facilities have been increased from US$1.1 billion to US$2.0 billion with the existing eight relationship banks. Key Points Production and cost guidance maintained Quarterly gold production 587,296oz (700,124oz) Gross cash margin A$1,029/oz (A$867/oz) Quarterly cash cost A$594/oz (A$542/oz) Hidden Valley overland conveyor recommissioned and the major project tie in shutdown completed at Lihir Major growth projects Cadia East and Lihir MOPU remain on schedule and within budget New zone of high grade mineralisation identified at Lihir Drilling continues to extend the Golpu system at depth Sale of Cracow and Mt Rawdon unconditional and on track for completion in early November Investment grade credit ratings awarded by S&P s and Moody s (Numbers in brackets reflect the comparable figures for the June Quarter.) 1

2 Production Highlights Production Highlights September 2011 Quarter June 2011 Quarter September 2010 Quarter Group production - gold oz 587, , ,219 - copper t 19,228 20,127 17,693 - silver oz 536, , ,889 Cadia Valley production (1) - gold oz 150, , ,964 - copper t 11,763 12,341 9,715 Telfer production - gold oz 137, , ,737 - copper t 7,465 7,786 7,978 Lihir production - gold oz 134, , ,445 Gosowong production - gold oz 79, , ,727 Hidden Valley production (50%) - gold oz 25,461 26,552 21,572 Bonikro production - gold oz 22,740 9,866 12,458 Mt Rawdon production - gold oz 18,551 22,277 23,287 Cracow production (70%) - gold oz 18,555 17,501 18,029 Cash Cost (after by-product credits) A$/oz Total Cost (after by-product credits) A$/oz N/A (3) Achieved gold price (2) A$/oz 1,623 1,409 1,338 Achieved copper price (2) A$/lb Achieved silver price (2) A$/oz Note: 1 Cadia Valley September 2011 quarter includes commissioning production of 271 ounces of gold and 31 tonnes of copper from the Cadia East project. Costs associated with these have been excluded from the cost calculations throughout this report. 2 Achieved metal prices are the A$ spot price per unit of metal sold and excludes the impact of price related finalisations on metals in concentrate. 3 Depreciation and amortisation for the former Lihir Gold Ltd assets (acquired in September 2010) was not calculated for the partial quarter. 2

3 Operations Cadia Valley, NSW Cadia Valley s September quarter performance was 150,277 ounces of gold and 11,763 tonnes of copper at a cash cost of A$281 per ounce. This compares with the June quarter performance of 151,251 ounces of gold and 12,341 tonnes of copper at a cash cost of A$309 per ounce. Ridgeway gold production was 19% higher than the previous quarter reflecting increased mill throughput, higher gold feed grades and increased recoveries. This was offset by lower gold production from Cadia Hill associated with a lower gold feed grade from the open pit. Copper production was 5% lower for the quarter also associated with a lower feed grade from the Cadia Hill open pit. Total site costs were consistent with the previous quarter whilst lower cash costs reflect a reduced deferred stripping charge. Lihir, PNG Lihir s September quarter performance was 134,685 ounces of gold at a cash cost of A$586 per ounce. This compares with the June quarter performance of 182,536 ounces of gold at a cash cost of A$404 per ounce. Gold production was 26% lower than the previous quarter due to lower mill throughput and reduced gold recoveries. Gold feed grade was consistent with the previous quarter. Reduced mill throughput was associated with a planned 14 day total plant shutdown during August, which was extended by 5 days to undertake additional maintenance, and a planned rebrick of autoclave 3. Lower gold recoveries reflect the restart and rampup of autoclave processing following the total plant shutdown. September mine production was lower than planned as heavy rainfall (~320mm over two days) restricted access to the base of the Lienietz pit. Unit cash costs increased over the previous quarter due to lower gold production, increased maintenance costs associated with the total plant shutdown and higher fuel prices. Telfer, WA Telfer s September quarter performance was 137,229 ounces of gold and 7,465 tonnes of copper at a cash cost of A$827 per ounce. This compares with the June quarter performance of 153,798 ounces of gold and 7,786 tonnes of copper at a cash cost of A$954 per ounce. Gold production was 11% lower than the previous quarter due to a lower gold feed grade and reduced mill throughput, partly offset by increased gold recoveries. The reduced gold feed grade reflects the grade in stage 7 whilst the lower mill throughput was associated with a planned SAG mill shutdown for a reline and motor maintenance. Copper production declined 4% due to reduced mill throughput. Open pit mining continued in stage 7 during the quarter with waste stripping ongoing on the stage 4 cutback. Underground mining continued on the 4550 and 4525 levels whilst development continued on the 4500 level. Cash costs were lower than the previous quarter with an increase in deferred mining capitalisation due to waste mining costs associated with stage 4 and stage 7. Gosowong, Indonesia Gosowong s September quarter performance was 79,798 ounces of gold at a cash cost of A$508 per ounce. This compares with the June quarter performance of 136,343 ounces of gold at a cash cost of A$299 per ounce. Gold production was 41% lower than the previous quarter due to the expected lower gold feed grade and lower mill throughput. Gold recoveries were consistent with the previous quarter. Lower mill throughput for the quarter was associated with a plant shutdown with permitting causing a further delay. Mining continued in the K1, K2 and K-Link orebodies with a lower proportion of mining in K2 resulting in a lower average feed grade for the quarter. Waste movement continued on the Gosowong open pit cutback with 2.5Mt moved during the quarter. Production from the open pit is expected during the June 2012 quarter. Total cash costs were slightly lower than the previous quarter reflecting lower royalties associated with lower production. Unit cash costs were higher as a result of the lower gold production. Hidden Valley, PNG (50%) Hidden Valley s September quarter performance was 25,461 ounces of gold and 220,241 ounces of silver at a cash cost of A$898 per ounce. This compares with the June quarter performance of 26,552 ounces of gold and 197,860 ounces of silver at a cash cost of A$1,053 per ounce. Gold production was 4% lower than the previous quarter due primarily to a lower gold feed grade. Silver production increased 11% associated with a higher feed grade. Mill throughput remained constrained for most of the quarter as a result of the overland conveyor belt failure in March The rectification work and recommissioning of the conveyor was completed during 3

4 September with operations expected to return to planned production levels during the December 2011 quarter. Total site costs were in line with the previous quarter, whilst lower unit cash costs reflect an inventory build as a result of increased mining rates and higher silver byproduct credits during the quarter. Bonikro, Côte d Ivoire Bonikro s September quarter performance was 22,740 ounces of gold at a cash cost of A$897 per ounce. This compares with the June quarter performance of 9,866 ounces of gold at a cash cost of A$1,450 per ounce. The September quarter was the first quarter of production following the temporary suspension of operations associated with presidential election related civil unrest in Côte d Ivoire. Mill throughput, gold feed grade and associated recoveries all increased during the quarter. Lower unit cash costs reflect increased gold production whilst increased mining and processing activity resulted in higher total cash costs. Mt Rawdon, QLD Mt Rawdon s September quarter performance was 18,551 ounces of gold at a cash cost of A$916 per ounce. This compares with the June quarter performance of 22,277 ounces of gold at a cash cost of A$686 per ounce. Gold production declined 17% due to lower gold feed grades associated with the processing of a higher proportion of stockpiled ore during the quarter whilst access was established to additional higher grade zones in the pit. Higher unit cash costs for the quarter reflect the lower gold production whilst total cash costs increased slightly as a result of inventory movements associated with processing stockpiled ore. Cracow, QLD (70%) Cracow s September quarter performance was 18,555 ounces of gold at a cash cost of A$725 per ounce. This compares with the June quarter performance of 17,501 ounces of gold at a cash cost of A$811 per ounce. Gold production was 6% higher than the previous quarter associated with a higher gold feed grade partly offset by lower mill throughput. Lower unit cash costs reflect increased production and reduced total cash costs associated with reduced mill throughput. Project Development Cadia East, NSW The A$1.9 billion Cadia East project continued to schedule and budget during the quarter and is in excess of 50% complete with more than A$1.7 billion committed. Mine development undertaken during the quarter included the completion of mine access for the installation of the stage one underground materials handling system and ongoing cave development comprising drilling for undercutting, pre-conditioning blasting and drawbell development. Installation of the underground conveyor system progressed to plan with the first conveyor belt of 1.6km completed and commissioned. The conveyor system is expected to be completed by the end of December 2011, enabling the transportation of mine production ore early in calendar year On the surface, the processing plant work is well advanced with most structures completed. A major tiein shutdown is scheduled for December In the flotation plant, all major flotation cells are in place with structural steel progressing and concrete work almost complete. Major components of the high pressure grinding rolls were successfully installed during the quarter. Additional water systems are in the final stages of construction and the upgrade to the copper concentrate filter plant at Blayney was successfully completed. The Cadia East project remains on track for production rampup during calendar year Lihir, PNG The Lihir Million Ounce Plant Upgrade (MOPU) project continued to plan during the quarter with commissioning underway for the cyanidation and absorption tankage for incorporation into the existing circuit. The 70MW barge mounted power station has been positioned in the inner harbour and inter-connections are underway to enable commissioning in the December quarter of The construction team is at peak numbers and the project remains on track for completion and handover by the end of calendar year

5 Wafi-Golpu, PNG (50%) The pre-feasibility study to identify and evaluate development options for the large mineral endowment at Wafi-Golpu continued during the quarter. The focus was on engineering studies and continued attention to data collection and test-work programs to support the assessment of various development options. Drilling continues to confirm the world class nature of the mineral endowment. Early indications from metallurgical test work programs are confirming excellent recoveries and product grades. Early construction activities have continued including an expansion of camp facilities. This will support an increase in the drilling and construction workforce with two of the additional three drill rigs now in country. Construction and improvement of the access road to the proposed site continued during the quarter. Stakeholder engagement with the community, landowners and various government agencies is ongoing. The pre-feasibility study remains on schedule for completion in the first half of calendar 2012 and commencement of the detailed feasibility study by mid Exploration Wafi-Golpu, PNG (50%) At Wafi-Golpu, drilling during the quarter focused on increasing the level of confidence in the geological model within the central and northern parts of the porphyry system. This will support a future reserve upgrade and the pre-feasibility study. Significant results include: WR402: 0.51% Cu, 0.18g/t Au from 490m WR405: 0.70% Cu, 0.25g/t Au from 1092m including 1.23% Cu and 0.46g/t Au from 1194m WR406 (1) : 1.48% Cu, 1.51g/t Au from 958m including 1.95% Cu, 1.86 g/t Au from 1042 and 2.57% Cu, 2.87 g/t Au from 1286m The Golpu system has been extended at depth where drillhole WR406, designed to test 200m below the high grade intersection within WR g/t Au and 2.15% Cu), intersected 1.51g/t Au and 1.48%Cu. Mineralisation remains open to the north and at depth and step out drilling targeting the northern extent of the high grade mineralisation is in progress. Namosi, Fiji (69.94%) At Namosi, drilling focused on discovering higher grade porphyry mineralisation within the Waivaka Corridor, located 6km from the Waisoi project area. The Waivaka Corridor contains a series of highly prospective targets that remain largely untested at depth. The most advanced of these targets is the Wainaulo deposit, where recent drilling has confirmed higher grade mineralisation over a distance of 200 metres and 500 metres in vertical extent. The grade of mineralisation is observed to increase with depth and remains open. Significant results include: NVD g/t Au, 0.41% Cu from 140m, including 0.10g/t Au, 0.74% Cu from 578m Regional work defining the extents of the highly prospective near surface porphyry occurrence in the Wainabama prospect area is ongoing and drill testing of this system remains a high priority. Lihir, PNG At Lihir, a new zone of high grade mineralisation has been identified at Kapit NE. This zone is a continuation of the coastal domain and is located east of the present resource boundary. The higher grade zone extends over an area of 750 x 500 metres and remains open to the east and to the northeast. Significant results include: DDHL g/t Au from 106m DDHL g/t Au from 98m DDHL g/t Au from 100m DDHL g/t Au from 104m DDHL g/t Au from 58m DDHL g/t Au from 90m DDHL g/t Au from 68m Gosowong, Indonesia The Gosowong exploration program is focussed on identifying additional mining fronts within the Toguraci Corridor and discovering new systems within the regional Contract of Work (CoW). Within the Toguraci Corridor, development of an exploration decline to access the identified high grade shoots at Toguraci progressed to schedule, intersecting ore within the Midas structure late in the quarter. (1) Partial Result 5

6 Follow up drilling to the significant intercept of NTD g/t Au) reported last quarter, has defined a continuous gold bearing epithermal vein identified as the Mantap structure, 600m to the north of the Toguraci Resources. The recognition of the continuity of this structure has significantly upgraded the prospectivity of the Toguraci Corridor. Significant results include: NTD025: 2.4m (1.9m) 18g/t Au from 478.8m including 59g/t Au Mineralisation remains open along-strike towards the west and down-dip. Drilling to define the extent of mineralisation is ongoing. Elsewhere within the Toguraci Corridor drilling continues to intersect mineralised epithermal veins to the south and west of the Toguraci Corridor. Exploration drilling will continue to assess the extent of the mineralised vein network. Significant intersections include: BOD098: 11g/t Au from 199.2m TSD019: 69g/t Au from 305m The regional CoW exploration program has identified 14 highly prospective exploration targets. Drill testing has commenced at two of these targets - Batu Api West and Matat. Results to date have been encouraging with drilling intersecting gold bearing epithermal structures. Telfer, WA At Telfer, the near mine exploration program is targeting an extension to reef mineralisation at West Dome within the same highly prospective stratigraphy that hosts the Telfer resources. Drilling designed to test the down-dip continuity of the known mineralisation has been successful in demonstrating continuity in reefs over 700m south of the current West Dome resource. Significant intercepts include: WRC17902: 1.0m (0.8m) 9.4g/t Au from 275m, and 2m (1.6m) 10g/t Au from 772m, and 1.3m (0.6m) 20g/t Au from 1377m At the Vertical Stockwork Corridor, drilling is focused on expanding the current resources with current drilling designed to test the limits of the potential mineralisation towards the north and at depth. Significant results received during the quarter included: MUC16918: 6.0m (5.9m) 1.19g/t Au and 0.16% Cu from 594m MUC16920: 8.0m (2.9m) 1.06g/t Au and 0.35% Cu from 644m MUC16923: 23.0m (6.9m) 0.67g/t Au and 0.26% Cu from 619m Hidden Valley, PNG (50%) At Hidden Valley, Drilling continued to increase the confidence in the Mineral Resource within the Kaveroi lode and test the down dip and strike extensions of Hidden Valley and Kaveroi lodes. The mineralisation in this direction has now been confirmed. Significant results include: HVDD106 11g/t Au and 12g/t Ag from 170m HVDD g/t Au and 8g/t Ag from 274m HVDD g/t Au and 7g/t Ag from 263m Results from drill testing of the Hamata deposit confirm the presence of mineralisation down dip of the current Inferred Resource boundary. Significant intersections include: HMDD g/t Au from 24.5m HMDD g/t Au from 47m HMDD g/t Au from 49m and 6.4g/t Au from 241m HMDD g/t Au from 45m Cracow, QLD (70%) Resource definition drilling to support an upgrade of the Klondyke and Kilkenny resources continued during the quarter. Significant results include: KNU072: 11.4m (4.9m) 11g/t Au from 60.6m KKU146: 13.8m (7.1m) 11g/t Au from 15.7m KKU147: 9.9m (6.7m) 8.9g/t Au from 10m KKU151: 5.3m (4.6m) 17g/t Au from 38.2m Exploration drilling of near mine targets west of the Kilkenny structural corridor and north of the Fordee structure was completed during the quarter. Anomalous gold assay results received for the reverse circulation drilling completed last quarter at Cracow South have upgraded this target area with further drilling planned. Mt Rawdon, QLD Results from the previous quarter resource definition drilling program within the southern portion of the Mount Rawdon Pit area has further defined the extent of the mineralisation in this area, with significant results including: MRRD : 13m (11m) 0.5g/t Au from 228m, 32m (27m) 0.7g/t Au from 266m and 16m (13m) 0.5g/t Au from 305m MRRC : 5.4m (4.8) 1.2g/t Au from 252m, 19m (17m) 0.6g/t Au from 282m and 17m (15m) 0.5g/t Au from 304m MRRC : 29m (26m) 1.1g/t Au from 255m MRRC : 20m (18m) 0.9g/t Au from 17m (2) Estimated true width shown in brackets 6

7 Bonikro, Côte d Ivoire In Côte d Ivoire, the regional exploration discovery program recommenced during the quarter. Newcrest holds a very large package of tenements that covers approximately 17,000 square kilometres within the Birimian Greenstone belt, which is known to host a large number of significant gold deposits in the West African region. Currently, exploration is focused on advancing the key regional targets that have been identified. Aircore drilling of the 17 kilometre long Bouafle gold soil anomaly has commenced. At Bonikro, an extensive RC program to assess the potential of the immediate near mine district was completed. Significant results from the program include BRRC139: 11g/t Au from 91m BRRC196: 1.5g/t Au from 72m Near-mine exploration drilling activities testing the down-plunge potential of the Bonikro deposit intersected broad mineralisation including 0.41g/t Au from 75m in drill hole BRRD136. Further drilling to the south is ongoing. Corporate Newcrest has also increased its committed bilateral debt facilities with the existing eight banks from US$1.1 billion to US$2.0 billion reflecting the company s conservative capital management plan and capital projects pipeline. There are no changes to the loan conditions. As announced to the market on 5 September 2011, Gerard Bond has been appointed to the position of Finance Director following the succession of Greg Robinson from the position of Director Finance to Managing Director and Chief Executive Officer on 1 July Mr Bond is a chartered accountant and will join Newcrest from BHP Billiton where he has held a number of senior executive roles. Mr Bond will commence with the company on 1 January 2012 and will be based in Melbourne. G J Robinson Managing Director and Chief Executive Officer On 17 October 2011, the proposed sale of Newcrest s interests in Cracow (70%) and Mt Rawdon (100%) became unconditional, following approval by Catalpa and Conquest shareholders and Court approval of the merger. Completion of the sale of Newcrest s assets is on track for early November 2011, with preparation well underway for implementation and transition of the assets to Evolution Mining Limited (the new name of the merged entity). Newcrest s nominee directors to the board of Evolution Mining Limited, Mr Peter Smith and Mr Lawrie Conway, have been appointed with effect from 19 October As separately released to the market, Newcrest has obtained an issuer credit rating from Standard and Poor s of BBB+ outlook stable and a Baa2 issuer rating from Moody s outlook stable. These investment grade credit ratings provide Newcrest with additional financial flexibility and the ability to access new debt capital markets. 7

8 Gold Production Summary September 2011 Quarter Mine Production (t 000 s) Tonnes Treated (000 s) Head Grade (g/t Au) Gold Recovery (%) Gold Production (oz) Cash Cost (A$/oz) Total Cost (A$/oz) Cadia Hill 4,464 3, , Ridgeway 1,519 1, , Cadia East Total Cadia 6,006 5, , Telfer Open Pit 18,333 3, , Telfer Underground 1,497 1, , Telfer Dump Leach , Total Telfer 19,830 5, , ,122 Lihir 8,916 1, , Gosowong 2, , Hidden Valley (50%) 2, , ,228 Bonikro 3, , ,210 Mt Rawdon 4, , ,106 Cracow (70%) , Total 47,387 13, , Notes: Cash Cost and Total Cost includes the impact of realised and unrealised quotation period adjustments. All figures are 100% Newcrest Mining Limited unless stated otherwise. Mine production for open pit includes ore and waste. Underground includes only ore production. Copper Production Summary September 2011 Quarter Copper Grade % Copper Recovery % Concentrate Produced (tonnes) Metal Production (tonnes) Cadia Hill ,498 4,566 Ridgeway ,007 7,166 Cadia East Total Cadia ,505 11,763 Telfer Open Pit ,742 2,813 Telfer Underground ,230 4,652 Total Telfer ,972 7,465 Total ,477 19,228 Silver Production Summary September 2011 Quarter Head Grade Silver Recovery Tonnes Treated Silver Production g/t % (000 s) (oz) Cadia Valley (1) - - 5, ,963 Telfer (1) - - 5, ,791 Lihir (1) - - 1,229 3,690 Gosowong ,141 Hidden Valley (50%) ,241 Bonikro (1) ,719 Mt Rawdon ,959 Cracow (70%) ,626 Total , ,130 (1) Silver head grade and recovery not currently assayed 8

9 Cost Per Ounce of Gold Produced 3 months to 30 September 2011 AUD/oz 12 months to 30 June 2011 AUD/oz Note Cadia Valley 3 Telfer Lihir Gosowong Hidden Valley Bonikro Mt Rawdon Cracow Group Cadia Valley 3 Telfer Lihir Gosowong Hidden Valley Bonikro Mt Rawdon Cracow Group Gold Production oz 150, , ,685 79,798 25,461 22,740 18,551 18, , , , , , ,232 49,940 89,636 71,206 2,701,918 Mining Milling Administration and other Third party smelting, refining and transporting costs Royalties By product credits (717) (473) (1) (19) (338) (8) (89) (24) (315) (767) (463) (1) (18) (199) (8) (37) (16) (264) Stripping & ore inventory adjustments (1) 56 (226) (411) (72) (222) (318) (407) (16) (178) (233) (27) (83) (211) (259) 31 (53) Cash Cost ,010 1, Depreciation & Amortisation (2) Total Cost 456 1, ,228 1,210 1, ,393 1, Notes (1) Represents adjustment for the cost of waste removal at life-of-mine stripping ratio rates, share of advanced development costs and ore inventory movements. (2) Depreciation and amortisation of mine site assets is determined on the basis of the lesser of the asset s useful economic life or the life of the mine. Life-of-mine assets are depreciated according to units of production and the remainder on a straight line basis. (3) Cadia Valley production includes Cadia East project commissioning production of 271 ounces of gold and 31 tonnes of copper for the September quarter and 3,320 ounces of gold and 316 tonnes of copper for the 2011 financial year. These ounces have been capitalised and excluded from the unit cost calculations and profit and loss reporting. 9

10 Corporate Information Board Members Don Mercer Greg Robinson Vince Gauci Winifred Kamit Richard Knight Rick Lee Tim Poole John Spark Stephen Creese Non-executive Chairman Managing Director and CEO Company Secretary Registered & Principal Office Level 9, 600 St Kilda Road Melbourne, Victoria, Australia 3004 Telephone: +61 (0) Facsimile: +61 (0) Website: Stock Exchange Listings Australian Stock Exchange New York ADR s Port Morseby Stock Exchange (Ticker NCM) (Ticker NCMGY) (Ticker NCM) Forward Shareholder Enquiries to Link Market Services Level 1, 333 Collins Street Melbourne, Victoria, 3000 Australia Telephone: (0) Facsimile: +61 (0) registrars@linkmarketservices.com.au Website: Substantial Shareholders at 30 September 2011 Blackrock 12.62% Fidelity 11.16% Commonwealth Bank of Australia 7.86% Issued Share Capital At 30 September 2011 issued capital was 765,000,000 ordinary shares. Quarterly Share Price Activity High Low Last $ $ $ Jul Sept Disclaimer Forward Looking Statement These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to, the company. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which are relevant to the company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the company does not in providing this information undertake any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Ore Reserves and Mineral Resources Reporting Requirements As an Australian company with securities listed on the Australian Securities Exchange ( ASX ), Newcrest is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the JORC Code and that Newcrest s Ore Reserve and Mineral Resource estimates comply with the JORC Code. Competent Persons Statement The information in this release that relates to Exploration Results is based on information compiled by C. Moorhead, EGM Minerals for Newcrest Mining Limited who is a Fellow of The Australasian Institute of Mining and Metallurgy, and a full-time employee of Newcrest Mining Limited. Mr Moorhead has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code ). Mr Moorhead consents to the inclusion in this presentation of the matters based on this information in the form and context in which it appears. For details of exploration reports refer to the Newcrest website. Exploration Target The potential quantity and grade related to Exploration Targets in this report is conceptual in nature as there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. Refer to Newcrest s detailed exploration summary on our website at For further information, please contact: Investor Enquiries Media Enquiries Steve Warner Kerrina Watson T: T: E: steve.warner@newcrest.com.au E: kerrina.watson@newcrest.com.au This information is available on our website at 10