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Evaluation of Newcrest Mining Limited (NCM).  

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Evaluation of Newcrest Mining Limited (NCM) Prepared by: Sanjeev BHAKRI 1 EXECUTIVE SUMMARY 3 2 INTRODUCTION 4 2.1 Objective of this Report 4 3 NEWCREST'S PRODUCTS, MARKETS & COMPETITION 4 3.1 Newcrest Mines - production figures for 2002 5 3.2 Competition 6 3.3 Management Performance 6 4 KEY FINANCIALS OF NEWCREST 7 4.1 Accounting Ratios 7 4.2 Financials Specific to the Gold Industry 9 4.3 Recent Economic Indicators 10 5 FUTURE PROSPECTS 13 6 FINANCIAL VALUATION METHODOLOGIES 14 7 SUMMARY OF FINDINGS 17 8 APPENDIX 1 - FINANCIAL DETAILS 19 9 APPENDIX 2 - GENERAL ECONOMIC CONDITIONS 23 1 EXECUTIVE SUMMARY Ever since the great California gold rush of 1848 Australian interest and enthusiasm for gold has been strong. Australia is the third largest producer of gold in the world accounting for 13% of the world total gold production. The importance of gold to the Australian economy is unquestionable. The economy benefits from the gold mining industry through contributions to government revenue in the form of mineral royalties, direct taxes such as company taxes, PAYE and indirect taxes such as stamp duty. Minerals Council of Australia estimates that Australian mining contributes $4.5 billion to...

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