Morgan Stanley Asia Pacific Summit November Ian Smith MD & CEO
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1 Morgan Stanley Asia Pacific Summit November 2008 Ian Smith MD & CEO
2 Disclaimer Forward Looking Statements 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 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. The information in this presentation that relates to Mineral Resources, Ore Reserves and Exploration Results is based on information compiled by Colin Moorhead, EGM Minerals for Newcrest Mining who is a Member of The Australian 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 mineralization 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 Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Moorhead consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. 2
3 Newcrest Top 10 global gold producer Market Capitalisation US$7B (A$10B) Proven ability to find, build and operate world class mines 2007/2008 Financial Year Performance Strong profit and cash flow Balance sheet restructured New growth projects added 48% lift in gold equivalent resources over past 12 months 33% lift in gold equivalent reserves over past 12 months 3
4 Secure Debt Position and Low Gearing Gearing level at 30 June 2008 was 8% Gearing level is expected to be around 15% in June 09 when Ridgeway Deeps and Hidden Valley are completed Future gearing levels not expected to exceed 15 20% Credit objective of investment grade equivalent (BBB+) Drawn Debt Maturity (Profile approximates 15% gearing level) 150 US$M Maturity Date 4 Approximately US$150M drawn on bilaterals (maturing 2010) Over US$800 million of undrawn debt facilities (maturing 2010) US$350 million US private placement maturing post 2010
5 Financial Results Summary FY 08 Cash Cost (after by product credits) down 7% Strong Underlying Profit up 158% 300 A$/oz A$m Underlying profit Statutory profit FY07 FY08 0 FY07 FY08 Record Cash Flow from Operations up 163% Return on Capital Employed up 75% A$m 1, percent FY07 FY FY07 FY08 5
6 Reserve Ratios 5 th November 2008 EV/Equivalent Reserves US$/oz Average: US$132/oz Goldcorp Newmont Kinross Barrick Lihir Newcrest Anglogold Gold Fields 6 1. Based on 5 th November 2008 share prices 2. Enterprise Value is market capitalisation plus net debt 3. Equivalent ounces calculated on US$600/oz for gold and US$1.70/lb for copper
7 Summary of September 2008 Quarterly Record Quarterly Gold production up 12% to 485,978oz Cadia Hill, Gosowong & Telfer Underground all had record quarters Full year production & cost guidance maintained for all sites Operations Telfer cost reduction program on track Cadia Valley water storage above 50% capacity at over 1 year s supply 7
8 Summary of September 2008 Quarterly Strong project activity Ridgeway Deeps & Hidden Valley on track for first production mid 2009 Exploration Mineralisation extended at Kencana On track for initial Resources in December at : - 1. O Callaghans 2. Namosi 3. Nambonga North 8
9 Quarterly Cash Cost Comparison (US$/oz) Global Gold Industry Newcrest US$ per Ounce Sept 07 Dec 07 Mar 08 Jun 08 Dec 07 Mar 08 June 08 Sept 08 Sept 08 Global Gold Industry per GFMS At exchange rate of 0.70 At Quarter average exchange rates. At exchange rate of 0.70 and excluding stripping adjustments 9
10 Current Outlook Gold Copper $/oz $/oz $/lb $/lb 1,500 1, ,400 1, ,300 1, ,200 1, ,100 1, ,000 1, /06/2008 1/07/2008 1/08/2008 1/09/2008 1/10/2008 1/11/2008 A$ Gold US$ Gold /06/2008 1/07/2008 1/08/2008 1/09/2008 1/10/2008 1/11/2008 A$ Copper US$ Copper ~ 80% of Revenue is Derived from Gold 10
11 Newcrest Operations & Projects Gosowong (82.5%) Hidden Valley & Wafi/Golpu (Earning 50%) Cracow Telfer & (70%) O Callaghans) (100%) Cadia Valley (100%) Namosi (Earning 65%) N 1000km 11
12 Newcrest Opportunities Growth Construction Hidden Valley Ridgeway Deeps Cadia East Feasibility Studies Telfer Trough Cave Gosowong Expansion Marsden Waisoi Wafi/Golpu Concept Studies Big Cadia Telfer Stockworks Corridor Advanced Gabbs Sullivan Kencana Growth Nambonga North O Callaghan s West Dome Deeps Yilgangi Waivaka Exploration Targets Initial Camp Dome Croy Bloom Coalstoun Gosowong South Area Hidden Valley Area Horse Mountain Mount Mackenzie 12 Represents size of or potential size of gold equivalent ounces
13 13 Cadia Valley
14 Cadia Valley Ridgeway Sublevel Cave Cadia Hill Ridgeway Deeps Block Cave Cadia East Panel Cave Resource of 83 million gold equivalent ounces (Approximation calculated at Gold: US$600 per ounce; Copper: US$1.70 per pound) 14
15 Cadia Valley - Ridgeway Deeps Production to commence mid 2009 Cash cost A$82/oz (Cu price of US$1.50/lb) Production profile over 8 years Gold ~ 1.6Moz Copper ~ 210kt Potential for second block cave being assessed On schedule and budget Over 90% capital committed Contingency untouched Engineering 100% complete Mine development is over 50% complete Potential for 2 nd Block Cave 15
16 Cadia Valley - Cadia East Pre-feasibility study completed December 08 Surface Development of Australia s largest underground mine Investigation Drives World record underground development rates at low cost CEU Decline Gold Mineral Resource 28Moz Ore Reserve 15.8Moz Lift 0 Copper Mineral Resource 5.57Mt Ore Reserve 2.68Mt Orebody Open 400m Lift RL First Appreciable Production expected in m Orebody Open Mine life of 30+ years Lift RL Newcrest resource & reserve estimate as at 30 June 2008 Orebody Open 16
17 Cadia Valley - Production Profile Ore Milled (Mt) Cadia Hill Cadia East Ridgeway Ridgeway Deeps Ridgeway Deeps 2 - FY Gold Production Koz Copper Production kt
18 18 Telfer
19 Telfer Cost Reduction Positive Outcomes :- 2008/09 cost savings of $25M-30M Ongoing annual cost savings of $45M - $50M per annum Cash costs ($M) will reduce to approximately 2007/2008 levels Ongoing annual cash costs below 2007/08 level (before inflation) Brings Telfer to middle of the cash cost curve for the industry (US$450 - $470/oz = industry mid point after by-product credits) 19
20 Telfer - O Callaghans Advanced Exploration Target surface Poly-metallic deposit 300m Tungsten Untested Skarn Mineralisation Untested Molybdenum Lead/Zinc Section 500 Metres Copper Plan View OR14090 OR18082 OR16091 ORC004 ORC006 ORC001 ORC002 OCC9101 ORC metres ORC003 ORC20069 Exploration Target 120Mt Gold equivalent of g/t 2.5km strike length and open Depth 300m Initial resource in December 2008 quarter Gold equivalent calculated on the following US$ metal prices Pb $0.60/Ib, Zn $0.75/Ib, Mo $13/Ib, W $12/Ib, Cu $1.70/Ib, Au $600/oz 20
21 21 Papua New Guinea
22 Papua New Guinea Grasberg Porgera PNG JV Projects Madang Lihir New Britain FLY PLATFORM Aure Trough Lae Lae OK Tedi Port Moresby Porphyry Belt Mining Locations 22
23 Papua New Guinea - Hidden Valley Production scheduled mid-2009 >250koz Au & 3.6Moz Ag pa 1 st quartile cash costs 14 year mine life Reserves (100%) (1) 2.89 Moz Au & 43.9 Moz Ag Resources (100%) (1) 5.37 Moz Au & 83.7 Moz Ag (1) Harmony Gold Mining Company Limited. JORC compliant estimate as at 30 June For details refer to Harmony website. 23
24 Papua New Guinea - Wafi-Golpu District Diatreme Breccia Wafi Resource (1) 1.88g/t Au 6.2Moz Au Nambonga North Resource By end December 08 Western Zone Target Ongoing drilling for resource Golpu Resource (1) 0.57g/t Au 1.08% Cu 3.0Moz Au, 1.76Mt Cu Open Open Open 500m (1) Harmony Gold Mining Company Limited. JORC compliant estimate as at 30 June For details refer to Harmony website. 24
25 Gosowong Indonesia PHILIPPINES MAL AYSIA Gosowong SUMATRA MALAYSIA KALIM ANTAN MANADO TERNATE SULAWESI BACAN HALMAHERA JAKARTA UJUNG PANDA NG IRIAN JAYA JAVA PAPUA NEW GUINEA Kms AUSTRALI A 25
26 Gosowong Kencana Expansion Very high grade gold deposit Reserve grade 29g/t Resource grade 35g/t Full project approval in December 2008 Production from K2 will commence by mid 2009 Total production greater than 400,000oz p.a. Mine life over 6 years 26
27 Gosowong - Near Mine Exploration Existing Mine Decline K1 Resource (including mined) = 1.8 Moz Target Moz 26m (15.7m 45 g/t Au 3.3m (3m 50 g/t Au Target Moz 22.3m (14.5m 21 g/t Au OPEN AT DEPTH High grade intercept 170 g/t Au 0 100m 27
28 28 Fiji
29 Fiji - Namosi - Concept Fiji 0.24g/t Au, 1.0% Cu 0.21g/t Au, 0.79% Cu 0.16g/t Au, 0.57% Cu 0.17g/t Au, 0.50% Cu 0.08g/t Au, 0.57% Cu NSW002 NADI Viti Levu Island Waisoi Deposits 50km SUVA Newcrest acquiring 65% interest (at A$21.5M spend) 200m NSW004 NSW g/t Au, 0.36% Cu (0.1% Cu cutoff) (56-807m) Incl. 0.28g/t Au, 0.45% Cu ( m) (0.3% Cu cutoff) Incl. 0.78g/t Au 0.80% Cu ( m) Lease area 725 sq km 14 other prospects within lease area Waisoi deposits contain a Mineral Resource1 estimated by Placer in excess 900Mt at 0.43% copper & 0.14g/t gold Recent drilling extended mineralisation & identified higher grade zone Newcrest resource in December (1) Newcrest s current exploration is not yet sufficient to define a Mineral Resource.
30 Investment Case for Newcrest Unhedged gold producer Low gearing & strong balance sheet Strong operating cashflow Cashflow & profit margin expansion Long life, low cost operations Growth options Development project portfolio Expansion of exploration opportunities 30
31 31 Appendices
32 Margin Expansion FY 09 Profit Sensitivity Parameter Movement EBIT Impact Gold price US$10/oz A$17M Copper Price US$0.05c/lb A$9M FX Rate US$0.01 A$20M Oil Price US$10/barrel A$6M 32
33 Gold Resources Up 28% MILLION OUNCES MILLION OUNCES Gosowong, 6% Gosowong, 4% CVO, 56% Telfer, 36% CVO, 55% Telfer, 28% Cracow, 1% Marsden, 1% PNG, 10% Cracow, 1% Marsden, 2% Resource estimates are based on Newcrest s production interest 2 Prices used in Resource estimate for gold were US$600/oz and US$1.70lb for copper 3 Namosi yet to be included 4 A 50% share of PNG Harmony Gold joint venture resources have been included. Initial payment for these assets occurred on 7 August 2008
34 Copper Resources Up 62% MILLION TONNES MILLION TONNES CVO, 81% Telfer, 12% CVO, 75% Telfer, 8% Marsden, 7% Marsden, 7% PNG, 10% Resource estimates are based on Newcrest s production interest 2 Prices used in Resource estimate for gold were US$600/oz and US$1.70lb for copper 3 Namosi yet to be included 4 A 50% share of PNG Harmony Gold joint venture resources have been included. Initial payment for these assets occurred on 7 August 2008
35 Gold Reserves Up 20% MILLION OUNCES MILLION OUNCES Gosowong, 6% CVO, 48% Gosowong, 7% CVO, 53% Cracow, 1% Telfer, 44% Telfer, 36% PNG, 5% 1. Reserve estimates are based on Newcrest s production interest 2. Prices used in Reserve estimate were US$550/oz for gold an US$1.50/lb for copper 3. A 50% share of PNG Harmony Gold joint venture reserves have been included. Initial payment for these assets occurred on 7 August
36 Copper Reserves Up 54% MILLION TONNES MILLION TONNES CVO, 77% CVO, 80% Telfer, 13% Telfer, 20% PNG, 10% 1. Reserve estimates are based on Newcrest s production interest 2. Prices used in Reserve estimate were US$550/oz for gold and US$1.50/lb for copper 3. A 50% share of PNG Harmony Gold joint venture reserves have been included. Initial payment for these assets occurred on7 August
37 Operating Cashflow in FY 2007/2008 Sources of Cash Uses of Cash Capital, Exploration and Dividend, $457M Operating Cashflow, $1,018M Change in Cash, $44M Equity Issue, $2019M USD Bilateral Debt Proceeds, $70M Hedgebook Buyback, $1,629M Debt Repayment, $977M 37
38 Guidance 5 Year Production and Revenue Estimated Gold Equivalent Ounces Estimated Gold Revenue % 2.8 Million Ounces 100 % / / / / / /2013 US$750/oz US$2.50/lb Pre - realisation Post - realisation 38
39 Guidance 5 Year Cash Costs Modest increases in unit cash costs are expected until Cadia East production ramps up When Cadia East is ramping production in FY13 group unit cash costs after by-product credits will be approximately equal to the FY09 level (if copper is at US$2.50/lb in FY13) Newcrest should maintain or improve its position on the global cash cost curve over the 5 year period 39
40 Guidance 5 Year Capital Capital peaks in 2008/9 before halving for the next two years and then further reducing to a third of 2008/9 levels for the remaining two years of the 5 Year Plan Expectation of excess cash to be available over the 5 Year Plan period for further growth 40
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