Newcrest Mining Limited. March 2007 North American Roadshow Ian Smith, MD & CEO
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1 Newcrest Mining Limited March 2007 North American Roadshow Ian Smith, MD & CEO
2 Overview Market capitalisation approximately US$5.6B Portfolio of low cost, long life mines 3 world class mineral provinces 6 operating mines and 3 development projects Gold 59 Moz Resources with 33 Moz Reserves Copper 5.5 Mt Resources with 2.4 Mt Reserves Strong portfolio of growth options 32% gold Ore Reserves in Projects 42% gold Mineral Resources in Projects Mineral Resources and Ore Reserves are as at 30 June
3 Background on Ian Smith CEO & MD 30 years experience in mining industry with CRA, Pasminco, WMC & Rio Tinto Bachelor of Engineering (Mining) (Hons) and Bachelor of Financial Administration Mining engineer with strong operational and project experience Strong focus on continuous improvement in all parts of the business Most recent position prior to joining Newcrest was Global Head of Operational & Technical Excellence at Rio Tinto. Also a member of the Executive Committee and Investment Committee 3
4 First six months Restructured executive management team and functional structure of business units integrated projects and operations Partial restructure of hedgebook to increase gold leverage in initial 3 years Identified Telfer issues and implementing action plans to improve performance Introduction of new five year planning process across all business units 4
5 Greg Robinson Finance Director 20 years experience in the merchant banking and mining industries with Merrill Lynch & BHP Billiton Bachelor Science (Hons) Geology and MBA Columbia University Extensive finance, strategy, planning and financial markets background Prior to joining Newcrest Greg was with BHP Billiton Group ( ) as Director of Corporate Alignment Project and Chief Finance and Chief Development Officer, Energy. Also a member of the Group Executive Committee. 5
6 Tony O Neill EGM Operations 28 years experience in mining industry with CRA, Robe River Iron Associates, KCGM & WMC Bachelor Applied Science (Mining Engineering) and Executive MBA Melbourne Business School 5 years as EGM Operations at Newcrest Extensive experience in managing strategic, operational, marketing and financial outcomes of mining businesses in Australia and offshore Most recent position prior to joining Newcrest was EGM of WMC s Gold Division. Also a member of the Group Executive Committee 6
7 Dan Wood EGM Exploration Over 40 years experience in mineral exploration with BHP, BHP Gold & Newcrest Bachelor of Science (Hons) and Master of Science Geology Joined Newcrest when the company was formed in 1990 and EGM Exploration since 1996 Extensive experience in mineral exploration in Australia and overseas 7
8 Bernard Lavery EGM Corporate Services 30 years experience in legal practice and the mining industry with Ashton and WMC Bachelor of Laws and Bachelor of Jurisprudence Significant corporate law and company secretarial experience within the mining industry 12 years as EGM Corporate Services at Newcrest 8
9 Newcrest in a global context Reserves (million ounces) Reserve Life (years) Barrick Goldfields Newmont Anglogold Harmony Goldcorp Newcrest Kinross Polyus Goldfields Harmony Newcrest Polyus Kinross Newmont Goldcorp Barrick Anglogold Reserve life calculated as current Reserves divided by 2007 forecast production Source: Company data & brokers reports 9
10 Cash costs after by product credits USD per ounce Newcrest Weighted average of global gold industry Calendar Years 10 Source: GFMS Ltd & Newcrest Note: Cash costs are calculated on a spot basis
11 Total return analysis major gold players Annual Equivalent % Return year 2 years 3 years 5 years 10 years -20 Newcrest Barrick Newmont GoldCorp Goldfields Anglo Source: Bloomberg 11
12 Higher margin, long life reserve base 3.5 Gold Backing vs Reserve/2006 Production 3.0 NEWCREST 2.5 Gold Backing KINROSS ANGLO BARRICK NEWMONT GOLDFIELDS HARMONY POLYUS 1.0 GOLDCORP Reserve / 2006 Production (yrs) 12 Gold Backing is defined as net spot value of reserves / enterprise value where net spot value of reserves = (spot gold of US$625/oz 2006 cash costs) * current reserves and enterprise value = market capitalisation + Net Debt
13 H1 2006/07 financials Production and Cost Summary gold production 0.76 Moz copper production 45,100t cash achieved prices US$233/oz cash spot prices US$112/oz Financial NPAT before hedge accounting restructure increased 5% to $84.0M NPAT after minority interest declined 50% to $37.0M Cash flow from operations $186.0M up 321% Gearing 49% 13
14 H1 2006/07 EBITDA by operation spot prices Site EBITDA improved by $107M offset by increase in hedging losses of $134M $M (50) (250) Cadia Hill Ridgeway Telfer Gosowong Cracow Site EBITDA Hedge losses & Exploration, Operating (450) restructure admin & other EBITDA H H Spot mine EBITDA margin increased 25% Operating EBITDA margin decreased 15% 14
15 H1 2006/07 - Growth and Operational Update Growth Completion of two projects Telfer underground & Kencana Growth projects at Cadia Valley on schedule & budget Exploration focus maintained Operations Gosowong and Telfer production increased Cadia Valley declined in-line with expectations Cracow steady 15
16 Constraining Financial Factors Dec 2006 Jun 2006 Hedgebook mark to market ($M) 1,496 1,792 Gold hedge commitments (2) as % reserves 14% 16% Net Debt ($M) 1,449 1,477 Gearing (Net Debt / Net Debt + Equity) (1) 49% 50% (1) Adjusted for hedge reserve. The hedge reserve represents the fair value of effective cash flow hedges carried on balance sheet in accordance with AASB 139 (2) Including gold loan 16
17 Hedging Hedging copper hedging finishes in June 07 Gold hedging represents less than 40% of gold production in any calendar year post the Nov 06 partial hedgebook restructure Gold hedgebook expires in June 2013 No intention to undertake any further gold hedging 17
18 Exploration strategy Philosophy Deeper drilling with a high percentage of exploration budget spent on drilling. This leads to: Greenfields NCM discovery of economic deposits Early entry M & A Joint Venture opportunities Brownfields Expansion of resources & reserves at existing operations 18
19 Current exploration program Number of exploration projects 25 Australia 1 Indonesia 8 Nevada 4 Peru 1 Chile Percentage of budget spent on drilling and analysis 50% Australia 76% Indonesia 49% Nevada 19
20 Promising greenfields Marsden, NSW 15km SE of Cowal Gold Mine Porphyry gold copper prospect Ashburton, WA Gold anomalies identified over 200km Search for Carlin style mineralisation Nevada 8 early stage exploration prospects Focus on recognised gold districts 20
21 Brownfields Telfer District High potential for further additions in the immediate mining area Several prospects within 30km of Telfer have been identified Cracow District 8 shoots have been identified to date and three are currently included in the life of mine plans Gosowong District Halmahera Contract of Works covers an area of 30,000 hectares 7% undergone moderate exploration 93% preliminary exploration activity and no drilling Proven very high grade epithermal field Cadia Valley District continues to be prospective Cadia East deposit remains open to east, west and at depth 21
22 Exploration excellence Metals Economic Group ranked Newcrest as the most successful company in discovering major gold deposits between Company Attributable Additions Gold (Moz) Gold Equiv. (Moz) Newcrest Barrick Gold Placer Dome Buenaventura Newmont Mining Goldcorp AngloGold Ashanti Source: Metals Economics Group 2006 (Table E) 22
23 Operations location map 23
24 Cracow (70% NCM) High grade epithermal underground mine Commenced operation in November 2004 Mineral Resource: 0.78 Moz gold Ore Reserve: 0.14 Moz gold Mine Life: 2013 (current life of mine plan incorporates 3 ore shoots with several others being evaluated) Gold Production /06 111,003oz - H1 2006/07 53,101oz All numbers quoted on 100% basis 24
25 Telfer All key physical parametres of feasibility study exceeded Open pit material movement Mill through-put rate Underground mining, crushing and hoisting capacity All concentrate is being sold into long term contracts arsenic is no longer an issue Q2 2006/07 80% A grade concentrate and 20% B grade concentrate Gravity recovery improvement project scheduled for completion by end April 2007 with gravity recovery expected to increase from current 25% rate to 40% during Q4 2006/07 Underground achieved an annualised 4mtpa throughput rate by end February 2007 and caving is progressing well 25
26 Telfer ore reserve reduction January 2007 Extensive review of reserve to production differences highlighted an issue with the Ore Reserve Throughout H1 2006/07 reconciliation of production, grade control drilling and mill feed sampling enabled a definitive revised estimate for the supergene Ore Reserve Reserve reduction required due to ore dilution and lower than estimated grades Definitive revised estimates for primary underground and open cut expected in July 07 & July 08 respectively 26
27 Telfer ore reserve reduction January 2007 Likely Case Cumulative Worst Case Supergene Open Pit January 2007 Primary Underground July 2007 Primary Open Pit July 2008 Gold Copper Gold Copper (million ounces) (tonnes) (million ounces) (tonnes) , , , , , ,000 Total , ,000 Note: Worst case removes all grade factors 27
28 Telfer production & cost update FY 07 production range Gold 675, ,000oz Copper 31,000 33,000t FY 08 production range Gold 800,000oz +/- 5% Copper 35,000t +/- 5% Focus on reducing cost profile of site and improving operating efficiencies Implementation of optimisation projects should result in cash cost <US$300/oz 28
29 Telfer underground optimisation project SLC to extract high grade I30 reef whilst the sequenced block cave delivers the lower grade below I30 Advantages Reduce mining cost by 50% Reduce mine development costs Utilise existing ore handling infrastructure Experienced in-house block caving expertise Production continuity as transition from SLC to block cave Significant improvement in economics of underground operation Timing Concept study to be completed by mid 2007 Block cave development expected to commence in 2008 Block cave production ramp up expected by mid
30 Gosowong province Toguraci completed mining in October 2006 Kencana (K1) Underground development of high grade epithermal deposit Ore Reserve gold grade of 38 g/t Production commenced in Q4 FY06 Mineral Resource: 3.15 Moz Ore Reserve: 1.33 Moz Mine life: >5 years Gold Production /06 187,316oz - H1 2006/07 168,342oz All numbers quoted on 100% Basis 30
31 Gosowong - K2 extension Extension of existing decline from K1 to K2 and K-Link Development to commence by end 2007 Mineral Resource: 0.9 Moz Au Additional Mineral Resources and an initial Ore Reserve expected by mid 2007 Use existing processing plant with minor upgrades Production commence by mid Combined K1 & K2 sustained above 300,000oz pa for over 6 years 31
32 Cadia Valley Operations Two mines Cadia Hill - large scale open pit Ridgeway - underground sub-level caving mine Mineral Resource: 7.2 Moz gold and 0.61 Mt copper Ore Reserve: 4.1 Moz gold and 0.32 Mt copper Mine life: Cadia Hill 2013 Ridgeway /06 H1 2006/07 Gold production 614,832oz 241,775oz Copper production 62,147t 29,168t 32
33 Cadia Valley Project Stage Spend to Date Key Points Ridgeway Deeps Feasibility (complete by mid 2007) $45M Low cost block caving mining method Mine life of 10 years Undercut level accessed Dec 06 Cadia East - Open Pit Cadia East - Underground Pre-Feasibility (Progress to Feasibility by mid 2007) Feasibility (complete by mid 2009) $14M Selection of mining method & equipment Cadia Hill transition strategy $35M Australia s largest underground mine Panel caving mining method Mine life in excess 30 years Record development rate 280 m p/month Project LTI free since commencement of work on 1/10/04 33
34 Ridgeway Deeps block cave project Block Caves are lower cost, higher value Mineral Resource: 2.6 Moz Au & 0.33 Mt Cu Ore Reserve: 1.3 Moz Au & 0.15 Mt Cu SLC First development ore by mid 2007 Full production by mid 2010 Proforma production profile Gold production ~ 150,000 oz pa Copper production ~ 20,000 t pa 10 year mine life BC 34
35 Cadia East open pit project Mineral Resource: 5.9 Moz Au and 1.4 Mt Cu Ore Reserves: 1.8 Moz Au and 0.63 Mt Cu Using the existing processing plant with flotation and concentrate upgrades Concurrent production with Cadia East Underground Proforma production profile Gold ~ 145,000 oz pa Copper ~ 55,000 t pa Over 10 years 35
36 Cadia East underground project Panel Caving mining method Mineral Resource: 16 Moz Au and 2.2 Mt Cu Ore Reserves: 7.3 Moz Au and 0.75 Mt Cu Current Increases to Ore Reserves expected by mid 2007 Proforma production 16 Mtpa Gold 300, ,000 oz Copper 60,000 64, Mtpa Gold 600, ,000 oz Copper 120, ,000 t 36
37 Emerging importance of Cadia Valley projects Mineral Resource 48M gold equivalent ounces Gold equivalent million ounces Current Cadia Valley Operations Future Cadia Valley Operations Telfer Cadia East Ridgeway Deeps Mineral Resources as at 30 June 2006 converted at A$600/oz & A$1.60/lb 37
38 Next twelve months Improve all aspects of mining value chain find, develop, operate & portfolio manage Deliver against new 5 year plan deliver physical volumes renew focus on improvement & industry benchmarks cost discipline continue to build underground skills Remain focused on stabilising Telfer Finalise Cadia Valley growth projects Deliver upside around Gosowong province Maintain commitment to exploration 38
39 Appendices
40 Cave mining skills are in the hand of a few Sublevel Caving Block Caving Panel Caving Kiruna Malmberget Henderson DOZ Finsch Koffiefontein Palabora Cullinan Telfer Perseverance Northparkes Ridgeway Salvador Andina El Teniente 40
41 Underground mining methods Reducing Underground Mining Costs 1/2 1/2 Panel & Block Caving (PC) Sublevel Caving (SLC) Stoping Higher margins and/or increased assets (lower grades & deeper) 41
42 Block cave (BC) mining Rock caves progressively upwards due to the undercutting and drawing of the broken, caved ore underneath Sometimes the block represents the full footprint of the ore body Crown Pillar Air gap Low mine operating costs equivalent with many pits Lower environmental impacts than pits 42
43 Panel cave (PC) mining Rock caves progressively upwards due to the undercutting and drawing of the broken, caved ore underneath in progressive panels Applied to larger ore bodies than block caving Surface Crown pillar Air gap Cave back Cave ore Drawpoints Next panel Low mine operating costs Undercut advance Lower establishment costs compared with BC due to progressive panel approach 43
44 Cadia Valley Province Cadia East Pit Cadia Extended Cadia Hill Ridgeway & Ridgeway Deeps Cadia East Panel Cave 44
45 Eighth largest market capitalisation on global basis US$ Billion Barrick Newmont Goldcorp Anglogold Goldfields Polyus Kinross Newcrest Harmony Source: Bloomberg as at 15 March
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