Significant change in 2015, firm says

 NEWCREST Mining Ltd says 2015 had seen a significant change in the company’s operations.

Chief executive officer Sandeep Biswas said the operational and financial results progressed positively, reflecting on the company’s focus on operational discipline, cash generation and profitable growth.

Biswas said the company’s Edge programme was instrumental in the company’s performance.

“Continued efforts on these aspects have seen our gold and copper recoveries increase and our all-in sustaining costs decrease from last year,” he said. 

“Edge, our comprehensive company-wide transformation plan, has driven an improvement in our operational performance, reduced costs, optimised capital deployed and increased the free cash flow of the business.

“When we set out on this journey just over a year ago, many people probably didn’t realise the extent of what was possible.

“Thanks to the efforts of our people right across the business, who have engaged their skills, ideas and passion, we have exceeded expectations, with Edge delivering approximately US$390 million (K1135 in cash benefits over the course of the year through the successful implementation of numerous improvement initiatives.

“This helped deliver AU$1.1 billion (K2.3 billion) of free cash flow for the year, allowing us to reduce net debt by US$819 million (K2384 million.”

Biswas said favourable conditions including the lower Australian dollar and fuel prices had also been an advantage to the company.