Newcrest Mining Limited - Financial Results for the 6 months ended December 31, 2012

Newcrest Mining Limited - Financial Results for the 6 months ended December 
31, 2012 
MELBOURNE, Australia, Feb. 8, 2013 /CNW/ - Newcrest Mining Limited 
("Newcrest") (ASX: NCM)(TSX: NM) today released its financial results for the 
6 months ended December 31, 2012: 
The 2013 financial year is a significant one for Newcrest with the completion 
of two major projects establishing a platform for increased gold and copper 
production, earnings and cashflow. 
The Cadia East project achieved commercial production milestones in December 
2012 and is now ramping up ore production from the underground panel cave. The 
Lihir Million Ounce Plant Upgrade ('MOPU') project was commissioned in January 
2013 and handed to operations on 1 February 2013, significantly increasing 
production capacity at Newcrest's largest operation. 
Newcrest's financial results for the six months to 31 December 2012 reflect 
the transitional nature of the 2013 financial year, with the completion of two 
major growth projects and some production challenges at existing operations. 
Production is expected to be higher in the second half of the 2013 financial 
year. 
Statutory profit(1) for the six months ended 31 December 2012 of A$320 million 
was A$339 million lower than the corresponding prior period of A$659 million, 
primarily due to lower sales revenue resulting from lower gold production. 
Underlying profit(2) was identical to Statutory profit in the current period. 
Cash flow from operations of A$225 million for the period was also lower than 
the corresponding prior period primarily as a result of lower sales revenue. 
Gold sales volumes of 956,073 ounces were 22% lower than the corresponding 
prior period, while copper sales volumes were 7% lower. Gold production of 
953,331 ounces was 18% lower than the corresponding prior period primarily as 
a result of processing lower grade ore at Cadia Valley and Gosowong, lower 
recoveries at Telfer, lower mill throughput at Lihir as a result of plant 
interruptions, and the exclusion of Cracow and Mt Rawdon following divestment 
in November 2011. 
Newcrest has a strong financial position with gearing at 16.9%(3) and undrawn 
bilateral debt facilities of over US$1,400 million as at 31 December 2012. 
Newcrest raised US$1,000 million in October 2012 through the issue of long 
dated corporate bonds, the proceeds of which were used to repay existing 
unsecured indebtedness and to fund Newcrest's growth projects. 
Directors have determined an interim dividend of 12.0 cents per share 
(unfranked), an increase in the payout ratio to 29%. 
Gold reserves increased by 10% to 87.3Moz and copper reserves increased by 43% 
to 12.1Mt, with material upgrades at Cadia Valley, Wafi Golpu and Lihir. 
Highlights 


    --  Statutory profit of A$320 million and cash flow from operations
        of A$225 million
    --  Cadia East commenced commercial production 1 January 2013 and
        has commenced production ramp up
    --  Lihir MOPU project completed and has commenced planned increase
        in mill throughput rates
    --  Gold reserves increased by 10% to 87.3Moz and copper reserves
        increased by 43% to 12.1Mt
    --  Financial position remains strong; low gearing of 16.9%(3) and
        undrawn bilateral debt facilities of over US$1,400 million
    --  Interim dividend maintained at 12 cents per share (unfranked)
    --  Sale of 7.5% interest in PTNHM to PT Aneka Tambang
                                                                     
                                                                     

Financial Highlights (4)             31 Dec 2012   31 Dec 2011   Change
6 months ended                           A$M           A$M         %

Statutory profit (1)                       320           659      (51)

Underlying profit (2)                      320           611      (48)

Cash flow from operations                  225         1,009      (78)

EBITDA                                     740         1,175      (37)

EBIT                                       471           900      (48)

EPS on Statutory profit (cents per
share)                                     42            86       (51)
                                                    

(1) Profit after tax and non-controlling interest
(2) Profit after tax and non-controlling interest before hedge restructure and 
other significant items
(3) Calculated as net debt to net debt plus equity
(4) Underlying profit, EBITDA and EBIT are non-IFRS financial information. 
Refer to page 6 for reconciliation to Statutory profit

Financial Commentary

Profit Overview

The half year Statutory profit of A$320 million was 51% lower than the 
corresponding prior period result of A$659 million while Underlying profit of 
A$320 million was 48% lower than the corresponding prior period result of 
A$611 million.

The reduced Underlying profit was principally driven by a A$537 million or 23% 
decrease in sales revenue to A$1,805 million, partially offset by a A$135 
million or 10% reduction in cost of sales to A$1,221 million.

The difference between Statutory profit and Underlying profit in the 
corresponding prior period relates primarily to the recognition of an after 
tax gain on divestment of Newcrest's Queensland assets in November 2011.

The lower revenue in the current period is primarily attributable to a 
reduction in gold sales volume, as a result of lower production, and lower 
gold and copper selling prices.

Gold production of 953,331 ounces was 213,039 ounces or 18% lower than the 
corresponding prior period. Excluding the sale of Cracow and Mt Rawdon, total 
material movement was higher but average grades processed were lower, 
resulting in less produced gold. Processed ore for the half was higher. The 
lower grades and lower production were primarily driven by planned processing 
of stock piles at Cadia Valley and poor ground conditions impacting high grade 
stope access at Gosowong.

Cost of sales decreased by A$135 million, or 10%, to A$1,221 million compared 
to the corresponding prior period. This reduction was primarily due to the 
sale of Cracow and Mt Rawdon, and lower royalties reflecting reduced sales 
volumes and lower metal prices.

Cost inflation has moderated in the current period compared with the 
corresponding prior period. Labour costs continue to increase in line with 
inflation or above, with the strengthening Kina adding to labour costs in 
Papua New Guinea ('PNG'). Production from lower cost ore sources is expected 
to increase as the Cadia East panel cave and Lihir MOPU plant expansion 
continue to ramp up following the recent completion of both projects.

The effective tax rate for the period was 23%, lower than the Australian 
company tax rate of 30% primarily as a result of exploration allowances and 
research and development allowances.

The table following outlines the key differences in Underlying profit between 
the current half year and the corresponding period last year.
                                                 

Underlying profit                                A$M

For the six months ended 31 Dec 2011             611

Changes in revenues:                                
      Volume                                        
    --  gold                                    (458)
    --  copper                                  (32)
    --  silver                                   (6)
      Price:                                        
    --  gold                                    (16)
    --  copper                                  (23)
    --  silver                                   (2)

Changes in mine cost of sales:                      
      Mine production costs                       14
      Deferred mining and inventory movements     94
      Treatment, realisation and royalty          19
      Depreciation                                 8

Other costs:                                        
      Exploration                                (3)
      Other income/(expense)                    (37)
      Net finance costs                         (11)
      Share of profit of associate                13

Tax and Non-controlling interest:                   
      Income tax expense                         143
      Non-controlling interest                     6

For the six months ended 31 Dec 2012             320
                                                 

Revenue

Total gold revenue for the six months ended 31 December 2012 of A$1,515 
million was 24% lower than the corresponding prior period of A$1,989 million, 
as a result of a 23% reduction in gold sales volumes to 936,183 ounces 
(excluding Cadia East).

The realised gold price for the period of A$1,618 per ounce was 1% lower than 
the corresponding prior period ($1,636 per ounce).

Total copper revenue of A$261 million was 17% lower than the corresponding 
prior period of A$316 million as a result of an 8% decrease in realised prices 
to A$3.37 per pound and a 10% reduction in copper sales volumes to 35,179 
tonnes (excluding Cadia East). The reduction in copper sales is associated 
with the timing of concentrate shipments during the period as copper 
production was 5% higher than sales volumes during the period.

Silver revenue of A$29 million decreased by 22% from A$37 million due to lower 
silver production and prices.

Gold revenue represented 84% of total sales revenue for the six months ended 
31 December 2012, in line with the 85% in the corresponding prior period.
                                                        

6 months ended             31 Dec 2012   31 Dec 2011   Change %

Production volumes (5,6)                                     

Gold               oz         953,331     1,166,370       (18)

Copper              t         38,525        37,398          3

Silver             oz         948,229     1,099,065       (14)

Sales Volumes                                                

Gold               oz         956,073     1,218,242       (22)

Copper              t         36,663        39,397        (7)

Silver             oz         935,122     1,120,790       (17)

Realised Prices                                              

Gold             A$/oz         1,618         1,636        (1)

Copper           A$/Ib          3.37          3.67        (8)

Silver           A$/oz         31.28         32.83        (5)

Average AUD:USD                1.039         1.031          1

Revenue                                                      

Gold              A$M          1,515         1,989        (24)

Copper            A$M            261           316        (17)

Silver            A$M            29            37         (22)

Total Sales
Revenue           A$M          1,805         2,342        (23)

Gold production and sales by site:
                                                                 

6 months ended              31 Dec 2012              31 Dec 2011

ounces                Production    Sales    Production      Sales

Cadia Hill               54,717    57,988      156,353     173,536

Ridgeway                115,025    111,039     109,716     111,925

Cadia East               19,890    19,890       2,412        2,412

Telfer                  239,367    239,945     272,656     300,155

Gosowong                161,313    159,792     187,298     183,020

Lihir                   276,438    283,923     291,744     294,727

Hidden Valley (50%)      42,786    43,002       51,695      52,337

Bonikro                  43,795    40,494       46,511      48,186

Cracow (70%)                -          -        23,787      24,688

Mt Rawdon                   -          -        24,198      27,256

Total                   953,331    956,073   1,166,370    1,218,242

(5) The six months production and sales ended 31 December 2012 includes 19,890 
pre-commissioning gold ounces and 1,484 copper tonnes for Cadia East 
project. The six months ended 31 December 2011 includes 2,412 
pre-commissioning gold ounces and 234 copper tonnes for the Cadia East 
project. These ounces have been capitalised and excluded from the unit cost 
calculations and profit and loss reporting.
(6) Production and sales from Cracow and Mt Rawdon in the six months ended 
December 2011 contain four months of production only, up to the date of 
divestment on 2 November 2011.
    

Copper production and sales by site:

6 months ended         31 Dec 2012           31 Dec 2011

Tonnes           Production   Sales    Production   Sales

Cadia               6,809     6,757       8,055     8,518

Ridgeway            16,654    15,242      14,204    14,422

Cadia East          1,484     1,484         234       234

Telfer              13,578    13,180      14,905    16,223

Total               38,525    36,663      37,398    39,397
                                                     
                                                     
                                                                  

Cost of sales                                                        


                                             %        %        %
6 months ended             31 Dec    31 Dec    Change   due to   due to
A$ million                  2012    2011 (7)   Total    price    volume 
Employee Costs               189       189        -        5       (5) 
Maintenance incl                                                
Contract Labour              257       275       (7)       2       (9) 
Mining Contracts             139       136        2        2        - 
Fuel & Lubes                  75        78       (4)       2       (6) 
Utilities & Power            107       100        7        4        3 
Liners & Grinding Media       60        59        2       (1)       3 
Mining Consumables           160       163       (2)      (1)      (1) 
Other Input Costs            103       104       (1)       3       (4) 
Mine Production Costs      1,090      1,104      (1)                  
Deferred Mining Costs      (157)       (58)    (171)                  
Ore Inventory Movements     (78)      (150)       48                  
Treatment and                                                   
Realisation                   65        70       (7)                  
Royalties                     53        67      (21)                  
Cash Costs                   973      1,033      (6)                  
Finished Goods Inventory                                        
Movement                    (11)        56                            
Depreciation                 259       267       (3)                  
Cost of Sales (8)          1,221      1,356     (10)                  


                                                                  

The total cost of sales decreased by A$135 million or 10% to A$1,221 million 
compared to the corresponding prior period. A$62 million of the reduction is 
attributable to the divestment of Cracow and Mt Rawdon in November 2011.

Mine production costs of A$1,090 million were A$14 million or 1% lower than 
the corresponding prior period, reflecting a reduction in activity following 
divestment of Mt Rawdon and Cracow in November 2011, offset by increased 
throughput and material movement at ongoing operations and moderating 
inflationary pressures in labour, mining contracts and process consumables. 
With more favourable market conditions for some key input consumables, 
contract savings are expected during the second half of the financial year.

(7) The prior year comparatives have been restated in line with any cost 
classification adjustments made for the six months ended 31 December 2012.
(8) Costs of Cracow and Mt Rawdon included to the date of divestment on 2 
November 2011.

Other Expenses

Corporate Administration Costs of A$66 million for the six months ended 31 
December 2012 were in line with the corresponding prior period.

Total exploration expenditure for the half year was A$84 million (2011: A$66 
million) with A$36 million charged against income compared to A$33 million in 
the corresponding prior period. The current year capitalisation rate of 57% 
reflects the proportion of exploration effort on brownfields and reserve 
definition activity.

Other expenses of A$24 million were higher than the corresponding prior period 
primarily as a result of expenditure incurred to address landowner issues 
relating to the implementation of community projects, and a lower fair value 
gain on the quotational period adjustments on gold sales.

Finance Costs

Total finance costs of A$30 million in the six months ended 31 December 2012 
were A$10 million higher than the corresponding prior period.

Gross finance costs for the six months to 31 December 2012 of A$65 million 
increased by A$34 million over the corresponding prior period due to a higher 
level of debt drawdown during the period.

Interest of A$35 million was capitalised for the six months ended 31 December 
2012 in relation to the Cadia East project and the Lihir MOPU project. 
Interest of A$11 million was capitalised in the corresponding prior period.

Cash Flow

Operating cash flow for the six months ended 31 December 2012 was A$225 
million, A$784 million lower than the corresponding prior period cash flow of 
A$1,009 million. The major drivers of this reduction were:
    --  Lower net sales receipts from customers (A$649 million lower)
        as a result of lower production;
    --  A$99 million increase in the funds invested in waste stripping
        to access future ore sources; and
    --  A net increase in the value of finished goods inventory of A$67
        million as a result of a difference in shipping schedules
        between the two periods.

Net cash used in investing activities for the period of A$1,148 million was a 
reduction of A$181 million over the corresponding prior period.

Major project and development capital expenditure of A$823 million was 
primarily associated with the Cadia East development, the Lihir MOPU expansion 
project and the completion of the Golpu technical pre-feasibility study. 
Sustaining capital expenditure of A$215 million was marginally higher than the 
corresponding prior period, with the increase principally due to the 
refurbishment of the Lihir processing plant to improve reliability. With the 
major growth projects nearing completion in the current period, total capital 
expenditure was lower than the corresponding prior period.

Major areas of expenditure are shown in the following table:
                                                 

6 months ended                      31 Dec   31 Dec
A$ million                           2012     2011

Sustaining                            215      203

Development                           191       65

Projects                              632      986

Total Capital Expenditure           1,038    1,254

Exploration                            84       66

Proceeds from sale of investments     (9)       -

Interest capitalised on projects       35       11

Other                                  -       (2)

Total                               1,148    1,329

Exploration expenditure during the period focused on drill testing a number of 
advanced near province and greenfield targets, and converting existing mineral 
resource positions into ore reserves. A high proportion of exploration 
continues to be capitalised (57%).

A breakdown of exploration expenditure was:
                                      

6 months ended 31 Dec 2012       A$M

Greenfields                      26

Brownfields                      21

Reserve Definition              
- Hidden Valley and Wafi-Golpu   12
- Lihir                           7
- Telfer                         12
- Other                           6

Total                            84

Cash flows relating to financing activities were an inflow of A$782 million, 
compared with an inflow of A$403 million in the corresponding prior period. 
For the current period, financing cash flow included net cash proceeds from 
the issue of US corporate bonds of an A$ equivalent value of A$948 million and 
net proceeds of A$117 million from the sale of a 7.5% interest in Gosowong.

Outflows for the period included:
    --  Net repayment of A$111 million on the US bilateral facility;
        and
    --  Dividend payments to members of Newcrest of A$150 million.

Balance Sheet

Newcrest's Net Assets and Total Equity increased by A$125 million during the 
period to A$15,219 million.

As at 31 December 2012, Newcrest had net debt, comprising total borrowings 
less cash, of A$3,106 million, A$940 million higher than the 30 June 2012 net 
debt position of A$2,166 million, as outlined in the table below. The 
primary driver of the movement during the period was funding of the Company's 
major growth projects.

The gearing ratio (net debt to net debt plus equity) as at 31 December was 
16.9% (30 June 2012: 12.5%).

Movements in net debt during the period:
                                              
                                           A$M

Net debt at 30 Jun 2012 (Gearing 12.5%)   2,166

Issue of USD corporate bonds               948

Net repayment on USD bilateral facility   (111)

Retranslation of USD denominated debt     (40)

Net movement in cash balances              145

Net movement in finance leases             (2)

Net debt at 31 Dec 2012 (Gearing 16.9%)   3,106

Liquidity

In October 2012, Newcrest issued US$1,000 million in USD Corporate Bonds 
("notes"). The notes were sold in accordance with Rule 144A and Regulation S 
of the Securities Act of the United States and are additional to the US$1,000 
million in notes issued in November 2011. Newcrest also has US dollar 
bilateral facilities of US$2,500 million, with US$1,095 million drawn down as 
at 31 December 2012 and US$230 million of long-term senior unsecured notes 
issued into the North American Private Placement market.

Dividends

Newcrest has determined a 12 cents per share interim dividend (unfranked) 
(A$92million), consistent with the interim dividend from the corresponding 
prior period. The dividend will be paid from conduit foreign income and will 
be exempt from withholding tax. The interim dividend is payable to 
shareholders on 16 April 2013 and shareholders registered as at the close of 
business on 22 March 2013 will be eligible for the interim dividend. The 
Dividend Reinvestment Plan ("DRP") remains in place and the Directors resolved 
on 7 February 2013 to amend the DRP rules such that the DRP price will be the 
arithmetic average of the daily volume weighted average price in the five day 
period commencing two days after the record date.

Subsequent Events

Other than the matters discussed above there are no other matters or 
circumstances which have arisen since 31 December 2012 that have significantly 
affected or may significantly affect the operations of the Group, the results 
of those operations or the state of affairs of the Group in subsequent 
financial years.

Outlook

The completion of Newcrest's two major growth projects underpins a positive 
production outlook for the company for the remainder of the financial year and 
beyond. The ramp up in production rates has commenced at both the Cadia East 
panel cave mine and at Lihir post the MOPU project, which together will 
materially increase Newcrest's share of production from lower cost ore 
sources. Steady progress has also been made on the refurbishment of the older 
processing facilities at Lihir to improve plant reliability, and the Bonikro 
primary crusher refurbishment was completed in January 2013 restoring the 
processing plant to full capacity. The primary crusher upgrade at Hidden 
Valley is expected to be commissioned in April 2013 and should deliver an 
improvement in both production and cost performance. The Company's investment 
in stripping activity and ground support will further contribute to the mining 
and processing of higher grade ore at Gosowong, Telfer and Bonikro.

For the remainder of the 2013 financial year, Newcrest expects higher 
production in line with achieving the bottom end of guidance, and a subdued 
cost environment. Achieving guidance will be primarily dependent on the speed 
of the Lihir plant ramp up and access to high grade ore stopes at Gosowong.

Resources and Reserves

Newcrest's Mineral Resource and Ore Reserve estimates have been updated to 
reflect the net impact of depletions, additions and changes in commodity 
prices during the period from January 2012 to December 2012.

Gold resources increased by 11.5Moz to 161.2Moz, and gold reserves increased 
by 8.2Moz to 87.3Moz. Copper resources increased by 1.0Mt to 21.0Mt and 
copper reserves increased by 3.6Mt to 12.1Mt. For further details refer to the 
8 February 2013 Resources and Reserves market release, to be released shortly 
following this report.

Summary

The 2013 financial year is a significant one for Newcrest with the 
commencement of commercial production from its two major growth projects, 
establishing the platform for growth in gold and copper production, earnings 
and cashflow.

Newcrest's financial results for the six months to 31 December 2012 reflect 
Newcrest's operational transition during the 2013 financial year and 
previously reported operational issues experienced. The focus is now on ramp 
up of the major growth projects in the second half and an improved performance 
from the other operating assets.

Underlying profit and cash flow from operations for the period were lower than 
the corresponding prior period due to lower sales revenue, primarily resulting 
from lower gold production.

Newcrest remains in a strong financial position at 31 December 2012 with 
gearing at 16.9% and undrawn bilateral debt facilities of over US$1,400 
million. This balance sheet and liquidity strength, combined with anticipated 
production growth and lower future capital expenditure profile, ensures the 
Company is able to fund its sustaining capital, growth projects and ongoing 
exploration activities.

G J Robinson
Managing Director and Chief Executive Officer

Financial Statements                                  

Income Statement                                                    

6 months ended                                31 Dec 2012   31 Dec 2011
                                                  A$M           A$M

Gold sales                                        1,515         1,989

Copper sales                                        261           316

Silver sales                                        29            37

Sales revenue                                     1,805         2,342

Treatment, realisation & royalty                  (118)         (137)

Mine cost of sales                                (844)         (952)

Mine cost of sales - Depreciation                 (259)         (267)

Gross profit                                        584           986

Exploration expenses                               (36)          (33)

Corporate administration expenses                  (66)          (66)

Other income/(expenses)                            (24)           13

Share of profit of associate                        13             -

Losses on restructured and closed-out hedge
contracts                                            -            (7)

Business acquisition and integration costs           -            (3)

Gain on business divestment                          -            55

Profit before interest and income tax               471           945

Net finance costs                                  (30)          (19)

Profit before income tax                            441           926

Income tax expense                                (102)         (242)

Profit after income tax                             339           684

Non-controlling interest in controlled
entities                                           (19)          (25)

Statutory profit                                    320           659
                                                             

6 months ended                                31 Dec 2012   31 Dec 2011
                                                  A$M           A$M

Statutory profit                                    320           659


  Losses on restructured and closed out
hedge contracts (after tax)                          -             5 
  Business acquisition and integration
costs (after tax)                                    -             2 
  Gain on business divestment (after
tax)                                                 -           (55) 
Underlying profit (9)                               320           611 
Non-controlling interest in controlled
entities                                            19            25 
Income tax expense(1)                               102           245 
Net finance costs                                   30            19 
EBIT (11)                                           471           900 
Depreciation and Amortisation                       269           275 
EBITDA (11)                                         740         1,175 
(9) Underlying profit has been presented to assist in the assessment of the 
relative performance of the Group.
(10) Excludes income tax applicable to the Hedge restructure and other 
significant items.
(11) EBIT and EBITDA are used to measure segment performance and have been 
extracted from the segment information disclosed in the ASX Appendix 4D. 
                                                                
Statement of Cash Flows                                             
6 months ended                               31 Dec 2012   31 Dec 2011 
                                             A$M           A$M 
Operating Activities                                                
Receipts from customers                          1,854         2,503 
Payments to suppliers and employees             (1,487)       (1,341) 
Interest received                                   -             1 
Interest paid                                     (24)          (14) 
Income tax paid                                  (118)         (140) 
Net operating cash flows                           225         1,009 
                                                                
Investing activities                                                
                                                                
Fixed assets, evaluation and mine                         
development expenditure                         (1,038)       (1,254) 
Exploration activities                            (84)          (66) 
Interest capitalised to development                       
projects                                          (35)          (11) 
Proceeds from non-participation in rights                 
issue                                               -            10 
Payments for business divestment                          
transaction costs                                   -            (8) 
Proceeds from sale of investments                   9             - 
Net investing cash flows                        (1,148)       (1,329) 
                                                                
Financing activities                                                
Proceeds from borrowings                         2,460         1,830 
Repayment of borrowings                         (1,623)       (1,086) 
Repayment of finance lease principal               (2)           (2) 
Share buy-back                                      -           (31) 
Payment for treasury shares                        (1)           (9) 
Proceeds from partial sale of shares in                   
subsidiary                                         117            - 
Dividends paid to members of the parent                   
entity                                           (150)         (276) 
Dividends paid to non-controlling interest        (19)          (23) 
Net financing cash flows                           782           403 
                                                                
Net (Decrease) / Increase in cash                (141)           83 
                                                          
Balance Sheet                                                 
As at                                         31 Dec 2012   30 Jun 2012 
                                              A$M           A$M 
Cash                                                97            242 
Trade and other receivables                         204           251 
Inventories                                         799           748 
Current tax asset                                   21             - 
Other financial assets                               -            11 
Deferred mining                                     226           121 
Prepayments                                         98            91 
Current Assets                                    1,445         1,464 
Inventories                                       1,214         1,095 
Property, plant and equipment                     5,101         4,364 
Exploration, evaluation and development           8,739         8,795 
Goodwill                                          3,689         3,759 
Other intangible assets                             101           93 
Deferred tax assets                                 292           259 
Investment in associate                             406           395 
Other financial assets                              10             8 
Deferred mining                                     319           272 
Prepayments                                          7             5 
Non-Current Assets                               19,878        19,045 
Total Assets                                     21,323        20,509 
Trade and other payables                            390           482 
Borrowings                                           1          1,200 
Provisions                                          178           200 
Other financial liabilities                          5            18 
Income tax payable                                   8            92 
Current Liabilities                                 582         1,992 
Borrowings                                        3,202         1,208 
Provisions                                          316           308 
Deferred tax liabilities                          2,004         1,907 
Non-Current Liabilities                           5,522         3,423 
Total Liabilities                                 6,104         5,415 
Net Assets                                       15,219        15,094 
Issued capital                                   13,586        13,561 
Retained earnings                                 3,126         2,890 
Reserves                                         (1,639)       (1,476) 
Non-controlling interest in controlled
entities                                            146           119 
Total Equity                                     15,219        15,094 
Gearing (Net Debt / Net Debt + Equity) (12)       16.9%         12.5% 
                                                                                                                     
(12) Net
debt is                                                                                                                  
   
borrowings
less cash.  


                                                                                                                        
       
                                                                                                                        
       

Corporate                                                                                                               


                                                               
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Board                                                                                                Forward            


                                                               
Members                                                                                              Shareholder 
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Don Mercer                                                                                           Link Market        
                                                                   
                                                                            Non-Executive Chairman   Services           
    

Greg                                                                                                 Level 1, 333       


                                                               
Robinson                                                                                             Collins 
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Gerard Bond                                                                                          Melbourne,         
                                                                   
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                                                                          Finance Director and CFO   3000               
    

Vince Gauci                                                                 Non-Executive Director   Australia          
                                                                   

Winifred                                                                                            
Kamit                                                                       Non-Executive Director   Telephone:         
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Richard                                                                                             
Knight                                                                      Non-Executive Director                      
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Rick Lee                                                                    Non-Executive Director   Facsimile:         
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Tim Poole                                                                   Non-Executive Director   Email:       
registrars@linkmarketservices.com.au

John Spark                                                                  Non-Executive Director   Website:           
        www.linkmarketservices.com.au
                                                                                                                        
                                                                                        

Scott                                                                            Company Secretary                      


   
Langford 
                                                                                                 Substantial 
Shareholder(s) at 31 December 2012 
                                                                                                 Blackrock           


                                                                                  11.58%

Registered & Principal Office                                                                        Commonwealth
                                                                                                     Bank of
                                                                                                     Australia          
                                                                                   6.82%

Level 9, 600 St Kilda Road,  Melbourne, Victoria, Australia  3004                                                       
                                                                   

Telephone:                                                                                           Issued Share       
                                                                   
                                                                                +61 (0)3 9522 5333   Capital            
    

Facsimile:                                                                      +61 (0)3 9525 2996   At 31 December 
2012 issued capital was 765,906,839
                                                                                                     ordinary shares.

Email:      corporateaffairs@newcrest.com.au                                                                            
             

Website:                              www.newcrest.com.au                                                               
                          
                                                                                                     Half Yearly        
                                                                   
                                                                                                     Share Price
                                                                                                     Activity           
    

Stock                                                                                                                   


                                                               
Exchange
Listings                                                                                                                 
Australian                                                                                                               
                                                           Close
Stock                                                                                                Jul - Dec
Exchange                                                                              (Ticker NCM)   2012         High  
 Low 
New York                                                                                                                 
                                                              A$
ADR's                                                                               (Ticker NCMGY)                  A$  
  A$ 
Toronto
Stock
Exchange                                                                               (Ticker NM)                29.97 
20.89                                                          22.18 
Port
Moresby
Stock
Exchange                                                                              (Ticker NCM)                       
                                                                                     
Forward Looking Statements 
These materials include forward looking statements. Often, but not always, 
forward looking statements can generally be identified by the use of forward 
looking words such as "may", "will", "expect", "intend", "plan", "estimate", 
"anticipate", "continue", and "guidance", or other similar words and may 
include, without limitation, statements regarding plans, strategies and 
objectives of management, anticipated production or construction commencement 
dates and expected costs or production outputs. 
Forward looking statements inherently involve known and unknown risks, 
uncertainties and other factors that may cause the company's actual results, 
performance and achievements to differ materially from any future results, 
performance or achievements. Relevant factors may include, but are not limited 
to, changes in commodity prices, foreign exchange fluctuations and general 
economic conditions, increased costs and demand for production inputs, the 
speculative nature of exploration and project development, including the risks 
of obtaining necessary licenses and permits and diminishing quantities or 
grades of reserves, political and social risks, changes to the regulatory 
framework within which the company operates or may in the future operate, 
environmental conditions including extreme weather conditions, recruitment and 
retention of personnel, industrial relations issues and litigation. 
Forward looking statements are based on the company and its management's good 
faith assumptions relating to the financial, market, regulatory and other 
relevant environments that will exist and affect the company's business and 
operations in the future. The company does not give any assurance that the 
assumptions on which forward looking statements are based will prove to be 
correct, or that the company's business or operations will not be affected in 
any material manner by these or other factors not foreseen or foreseeable by 
the company or management or beyond the company's control. 
Although the company attempts and has attempted to identify factors that would 
cause actual actions, events or results to differ materially from those 
disclosed in forward looking statements, there may be other factors that could 
cause actual results, performance, achievements or events not to be as 
anticipated, estimated or intended, and many events are beyond the reasonable 
control of the company. Accordingly, readers are cautioned not to place 
undue reliance on 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, 
in providing this information the company does not undertake any obligation to 
publicly update or revise any of the forward looking statements or to advise 
of 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 2004 Edition of the Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves (the "JORC Code") and that 
Newcrest's ore reserve and mineral resource estimates comply with the JORC 
Code. As a company listed on the Toronto Stock Exchange ("TSX"), Newcrest is 
subject to certain Canadian disclosure requirements and standards, including 
the requirements of National Instrument 43-101 - Standards of Disclosure for 
Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). In 
accordance with NI 43-101, Newcrest reports its ore reserves and mineral 
resources estimates in compliance with the JORC Code, along with 
reconciliation to the material differences between the JORC Code and the 
applicable definitions adopted by the Canadian Institute of Mining, Metallurgy 
and Petroleum (CIM Definition Standards). In relation to the December 2012 
Resources and Reserves Statement, the reconciliation is set out in Newcrest's 
Canadian News Release dated 8February2013, and is available at 
www.sedar.com and at Newcrest's website www.newcrest.com.au. Except as 
otherwise noted in that document, there are no material differences between 
the definitions of Measured, Indicated and Inferred Mineral Resources, and 
Proven and Probable Reserves, under the CIM Definition Standards and the 
equivalent or corresponding definitions in the JORC Code. 
Competent Person's Statement 
The information in this report that relates to Exploration Results and other 
scientific and technical information is based on information compiled by C. 
Moorhead, EGM Minerals for Newcrest who is a Fellow of The Australasian 
Institute of Mining and Metallurgy, and a full-time employee of Newcrest. 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 
JORC Code and is a Qualified Person within the meaning of NI 43-101. Mr 
Moorhead consents to and has approved the inclusion in this report of the 
matters based on this information in the form and context in which it appears 
including sampling, analytical and test data underlying the results. For 
details of exploration reports refer to the Newcrest website at 
www.newcrest.com.au. 
Non-IFRS Financial Information 
This release uses Non-IFRS financial information including Underlying profit, 
EBITDA and EBIT. Underlying profit is presented to assist in the assessment 
of the relative performance of the Group. EBITDA and EBIT are used to 
measure segment performance and have been extracted from the Segment 
Information disclosed in the ASX Appendix 4D. Non-IFRS information has not 
been subject to review by Newcrest's external auditor. 
 
Investor Enquiries - North America / Europe Steve Warner T: +1 212 351 5064 
E:steve.warner@newcrest.com.au 
Investor Enquiries - Australia / Asia Spencer Cole T: +61 3 9522 5316 
E:spencer.cole@newcrest.com.au 
Media Enquiries Kerrina Watson T: +61 3 9522 5593 
E:kerrina.watson@newcrest.com.au 
This information is available on our website atwww.newcrest.com.au 
andwww.sedar.com 
SOURCE: Newcrest Mining Limited 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/08/c4145.html 
CO: Newcrest Mining Limited
ST: Ontario
NI: MNG ERN  
-0- Feb/08/2013 11:19 GMT