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201005 Newcrest Annual Report

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201005 Newcrest Annual Report 2020 Annual Report We are well positioned to deliver on our near-term growth options of Havieron, Red Chris and Wafi-Golpu. Sandeep Biswas, Managing Director and Chief Executive Officer OUR VISION To be the Miner of ChoiceTM for our people, shareholders, host communities, partners and suppliers. LIHIR, PAPUA NEW GUINEA NEWCREST 2020 ANNUAL REPORT 1 OUR COMPANY OUR MISSION Asset Overview 04 Key Achievements for FY20 06 To safely deliver Chairman’s Report 08 superior returns to our Managing Director’s Review 10 stakeholders from finding, Safety & Sustainability 12 developing and operating People 14 gold/copper mines. Organic Growth Opportunities 16 Newcrest’s Value Proposition 18 The Board 20 Mineral Resources and Ore Reserves 24 Directors’ Report 34 Corporate Directory 184 2 FORGING A STRONGER NEWCREST Forging a Stronger Newcrest Our clear focus remains on eliminating The health and safety of fatalities and life-changing injuries from our business, while striving to make continual progress on reducing all injuries our people is of primary and health impacts. importance at Newcrest. We believe that a strong and enduring commitment to the health and safety of our workforce best reflects our values and underpins and sustains optimal business performance. To achieve Newcrest’s full potential for our stakeholders, our company strategy focuses on five key pillars, each with associated aspirations which were set in February 2016. Safety & People Operating Technology Profitable sustainability performance & innovation growth Our aspirations Zero fatalities and First quartile First quartile Group 5 breakthrough Exposure to five tier industry-leading organisational health AISC per ounce by successes by end one orebodies by TRIFR by end by end of CY20 end of CY20 of CY20 end of CY20 of CY20 (operations, development projects, or equity investments) Our edge Being agile, bold and having an owner’s mindset NEWCREST 2020 ANNUAL REPORT 3 Newcrest’s three key external stakeholders are: Communities A planned, transparent and constructive Newcrest’s presence provides many direct approach to community engagement and and indirect benefits to the countries and Newcrest’s mining and exploration development is critical to maintaining communities in which we operate. These activities have the potential to Newcrest’s social licence to operate and benefits can potentially include: significantly impact the communities ensures that our communities benefit from – improved access to employment, health, in which we operate. Newcrest’s operations. We are conscious of education and training opportunities; the need to balance community expectations against a project’s ability to deliver returns – investment in community infrastructure throughout the life of the mine. In the longer and services, including road access term, we also need to ensure that we do not and maintenance, electricity and clean create undue community dependence upon water supply; our mining operations that is unsustainable – income-generating activities, including once our operations reach the end of local business development, the supply their lives. of goods and services and support for local agricultural businesses; and – improved community lifestyle, including religious and sporting facilities and sponsorship of both local and regional events and activities. Shareholders – safely realise the full potential of our – maintain capital discipline when existing operating assets; deploying all growth and exploration To achieve our mission of safely – apply our technical expertise to unlock opportunities to ensure financial strength delivering superior returns to our value in orebodies we currently own or throughout the capital cycle; and shareholders through the discovery can acquire; – provide returns to shareholders through and development of gold/copper – leverage our exploration and technical share price performance and dividends orebodies and from our operating expertise to find, or gain access by in line with our dividend policy. gold/copper mines, we strive to: early-stage entry to, new gold/copper orebodies; Government Newcrest recognises the importance to our Member of the Extractive Industries long-term success of developing meaningful Transparency Initiative (EITI), which is a We believe Newcrest’s activities relationships with all levels of government. global coalition of governments, companies positively contribute to the economy We strive to proactively engage with and civil society working together to improve of the jurisdictions in which we governments in the jurisdictions in which we openness and accountable management of operate through tax, royalties operate to understand their views about, revenues from natural resources. As part of and expectations of, our activities. Our this commitment, Newcrest publishes its and other socio-economic benefits engagement can cover a wider range of areas Annual Tax Contribution Report, which sets at the community level. including economic, environmental and social out mining royalties and taxes paid across responsibility. To strengthen community all our operating jurisdictions. services and support capacity building, We also actively engage both directly Newcrest also works through a range of and indirectly, through industry groups, partners, including local governments. with government and other stakeholders on policy and regulatory reform. Proper Newcrest strives to act with integrity and consultation is critical to any reform process honesty when conducting business, in a and Newcrest seeks to participate and manner that promotes transparency in contribute on relevant issues to assist with business dealings. Newcrest is a Supporting informed discussion and consideration. 4 ASSET OVERVIEW Asset Overview ASSETS FY20 Mining Reserves and production method resources1 Ore Reserve: 843koz 21moz gold & 4.3mt copper Gold Mineral Resource: 37moz gold & 8.2mt copper Cadia 96kt Ownership: Orange, New South Wales Copper 100% Newcrest Ore Reserve: 393koz 1.4moz gold & 0.18mt copper Gold Mineral Resource: 5.4moz gold & 0.54mt copper Telfer 16kt Ownership: Pilbara, Western Australia Copper 100% Newcrest Ore Reserve: 23moz gold Mineral Resource: 776koz 49moz gold Gold Lihir Ownership: New Ireland Province, Papua New Guinea 100% Newcrest Ownership: 39koz 70% Newcrest 2 Gold 30% Imperial Metals Limited Red Chris 25kt 2 British Columbia, Canada Copper Underground Open pit ADVANCED PROJECTS Ore Reserve STATUS: 5.5moz Awaiting special mining Gold 3 lease approval Wafi-Golpu 2.5mt OWNERSHIP: Copper Morobe Province, Papua New Guinea 50% Newcrest, 50% Mineral Resource Harmony Gold Mining Company Limited 13moz The figures represent POTENTIAL: Gold 4 Newcrest’s 50% share Golpu: Underground copper-gold mine; Wafi: Open pit gold-copper of the Mineral Resource mine; Nambonga: Underground gold-copper mine 4.4mt and Ore Reserve Copper 1. Mineral Resources and Ore Reserves are as at 31 December 2019. See page 28 to 31 of this Annual Report. 2. Production outcomes represent Newcrest’s 70% ownership for the period from 15 August 2019 to 30 June 2020. 3. Golpu. 4. Inclusive of Golpu, Wafi and Nambonga deposits. NEWCREST 2020 ANNUAL REPORT 5 RED CHRIS CANADA AMERICA NORTH GUINEA NEW PAPUA GOLPU WAFI LIHIR NAMOSI ASSETS ADVANCED PROJECTS EXPLORATION CHILE CADIA TELFER MEXICO ECUADOR AUSTRALIA EXPLORATION PROJECTS AUSTRALIA PAPUA NEW GUINEA ECUADOR Havieron Project (FI) Wamum (100%) Lundin Gold (EI) Second Junction Reefs project (JV) Lundin Gold (JV) Encounter Alliance & JVs CANADA SolGold (EI) Prodigy Gold NL (FI) Cana Brava project (O & FI) Isa North (100%) Red Chris JV (70% JV) Porphyry targets (100%) Bulimba (100%) GJ Project (100%) Tenant East (100%) Wilki Project Antipa (FI) NORTH AMERICA MEXICO Jarbidge (O) Azucar Minerals (EI) CHILE Altazor (O & FI) KEY Vicuna (O & FI) FI = Farm-in Mioceno (O & FI) JV = Joint Venture Gorbea (O & FI) 100% = 100% Newcrest tenement EI = Equity investment in company O = Option 6 KEY ACHIEVEMENTS FOR FY20 Key Achievements for FY20 Profit and Cash Flow Balance Sheet Total Dividends for FY20 1 2 Statutory profit of $647 million Leverage ratio of 0.3 times at FY20 30 June 2020 Underlying profit2,3 of $750 million US25cps Gearing5 of 6.8% at 30 June 2020 EBITDA margin2 of 46.8%, Underlying 2,3 Cash and undrawn committed FY20 profit 25.0 ($m) EBIT2 margin of 30.4% facilities at 30 June 2020 of FY19 22.0 approximately $3.5 billion FY18 18.5 $750m Cash flow from operating FY17 15.0 activities of $1,471 million Extended and smoothed maturity FY16 7.5 profile on Newcrest’s corporate Copper bonds following debt refinance production Free cash flow before M&A FY19 activity2 of Successful equity raising 561 138kt $670m A$1.2bn 106 FY18 459 FY17 EBIT2,4 ($m) 394 FY16 78 924 $1.2bn 84 83 774 323 719 594 2,439 2,488 2,381 2,346 Gold production 2.2moz Profit and Cash Flow All-in Sustaining Cost2,7 EBITDA2,4 Statutory Profit1 ($/ounce) ($M) ($M) FY20 862 1,835 647 FY19 738 1,670 561 FY18 835 1,565 202 FY17 787 1,408 308 FY16 762 1,292 332 NEWCREST 2020 ANNUAL REPORT 7 Progress against our aspirations FY20 SAFETY Zero fatalities and industry leading TRIFR6 by end of 2020 – Over 5 years free of fatalities and a low TRIFR of 2.6 per million hours worked Underlying profit 2,3 ORGANISATIONAL HEALTH ($m) First Quartile Organisational Health by end of 2020 – Achieved first quartile organisational health score in the 2019 survey $750m OPERATIONAL PERFORMANCE First Quartile AISC per ounce by end of 2020 – First quartile All-In Sustaining Cost (AISC)2,7 of $862
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