Newcrest's shares soar on improved profits

Loading gold and copper concentrate in Western Australia. Image: Newcrest Mining.

Newcrest Mining has posted a better than expected 19% rise in underlying full year profit to $515 million.

CEO Sandeep Biswas says Newcrest’s improved financial position provides a platform for future growth.

The gold and copper miner’s results for the previous year were marked by write downs and large losses.

Gold production in the 2015 financial year was 1% higher at 2.423 million ounces and copper was up 12% to 96.8 thousand tonnes.

US dollar net debt was cut by 22% to $US2.89 billion ($AU3.76 billion).

A 4% fall in the gold price and 8% fall in the price of copper were offset by a 9% weakening of the Australian dollar against the US dollar.

The company didn’t declare a dividend.

Newcrest’s shares were up 4.66% to $11.46.

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