Newcrest Mining Limited : Newcrest CEO Positive On Future Gold Price, No Plans To Raise Equity
05/31/2012| 09:36pm US/Eastern
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Newcrest Mining Ltd. (NCM.AU) remains positive on the future price of gold and has no plans to raise equity despite the recent weakness in bullion, the Australian mining company's chief executive said Friday.
Macquarie analyst Mitch Ryan in a research report this week suggested any further fall in the gold price, below US$1,500 an ounce, would stretch Newcrest's balance sheet and could prompt an equity raising.
"I can categorically deny that," Newcrest CEO Greg Robinson told Dow Jones Newswires on the sidelines of a Melbourne stockbrokers conference.
Mr. Robinson earlier told the conference that he remained positive on the price of gold and expected it to trade higher over time.
Newcrest has plans to invest more than US$6 billion in expansion projects over the coming years.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
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