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Quake cuts Newcrest H1 profit 48% to $98m

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February 15, 2018

A quake at Newcrest's Cadia gold and copper mine affected production for the first half of 2017/18.

Gold and copper miner Newcrest's first-half profit has been halved to $98 million as a result of an earthquake that halted production at its Cadia mine last April.

Newcrest, announcing its results after the close of trading, said gold production for the six months to December 31 was down eight per cent to 1.14 million ounces and copper dropped 20 per cent to 39,002 tonnes, with the seismic event at the Cadia mine, in inland NSW, affecting output.

Revenue for the half-year was down five per cent at $1.72 billion and free cash flow of $134 million was almost half the previous corresponding period with the company citing lower copper and gold sales, higher depreciation and adverse currency affects for the slide.

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