Australia’s Newcrest Mining excepts gold price to remain strong.

Oct. 31, 2011 - PRLog -- Australia’s leading gold miner, Newcrest Mining has told Rockwell Advisors that volatility in global markets and financial concerns in Europe and the United States will likely support a strong gold price in the short and medium term.

"The current state of major economies, along with the impacts of high levels of sovereign debt and the restricted capacity of governments to provide economic stimulus, have resulted in macroeconomic conditions likely to support a strong gold price environment over the short and medium term," chairman Don Mercer told Rockwell Advisors at mining giant’s recent annual general.

He added that Newcrest was in a healthy financial position and was showing strong profit margins with low debt.

Expansions of the company’s Cadia East project in Orange in New South Wales, and the Lihir development in Papua New Guinea, will be delivered over the next 18 months.
Other growth options, including the Wafi-Golpu project in Papua New Guinea  and Newcrest's highly prospective exploration acreage, puts the company in a strong position for continued growth over the medium and long term, he said.
"We have good reason to feel positive about our prospects," Don Mercer told Rockwell Advisors.

Newcrest Mining is the world’s fifth-largest gold producer.

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