Investor Centre

2021 Annual Report

Celebrating 30 Years

Our purpose is to create a brighter future for people through safe and responsible mining.



To be the miner of choice:

–    Valued by our people and communitites
–    Respected by our partners, customers, suppliers and peers
–    Celebrated by our owner

Our edge

Collaboration, innovation and an owner’s mindset

FY21 Highlights

Newcrest delivered another strong operational and financial performance for FY21, producing 2.1 million ounces of gold at an All-In Sustaining Cost of $911 per ounce.

Record Statutory and Underlying profit of


Record annual free cash flow of


Record total dividends for FY21 of



Chairman’s Report

I am pleased to present Newcrest’s Annual Report for FY21 which outlines our progress and achievements for the year. 


Managing Director’s Review

Thank you for your continued support and investment in Newcrest through what has been another year of strong operational and financial performance.

Operational Review

Newcrest owns and operates a portfolio of predominantly low cost, long life mines and has a strong pipeline of brownfields and greenfields exploration projects.

Our Strategy

Forging an even stronger Newcrest

In February 2021 we announced our Forging an even stronger Newcrest plan which outlined our aspirations across five key pillars of Safety and Sustainability, People, Operating Performance, Technology and Innovation and Profitable Growth that we hope to achieve by the end of calendar year 2025.

This plan builds on what we have already achieved under our Forging a stronger Newcrest plan and will help drive our aspirations for the next five years. 

We are a safe and sustainable business

Everyone goes home safe and healthy every day. Communities trust us because of our environmental 
and social performance.

What we will do
  • Sustain and build on the NewSafe, CCM and Process Safety programs
  • Accelerate the roll out of our health and wellbeing programs
  • Deliver our Social Performance program in partnership with host communities to leave a positive legacy
  • Deliver on our public environmental commitments and policies
  • Zero fatalities or life-changing injuries
  • Top decile TRIFR
  • No repeat SPIs
  • Achieving our Greenhouse Gas emission intensity reduction and water efficiency targets
  • Top decile performance for Metals & Mining in the Dow Jones Sustainability Index
FY21 Progress1
  • Approaching six years free of fatalities
  • Industry-leading low injury rates2
  • Goal of net zero carbon emissions by 20503
  • Cadia renewable energy PPA is expected to help deliver ~20% reduction in Group emissions intensity from 20244
  • New compensation, relocation and benefits sharing agreements with the mining lease landholders at Lihir 
We have the best people

We have a high-performance, inclusive culture where everyone can thrive and excel.

What we will do
  • Enable our people to reach their full potential through training and focused career development opportunities
  • Embed performance management and recognition programs
  • Build an inclusive and diverse workforce by implementing our D&I plans
  • Strengthen Inclusive Leadership at all levels in the organisation
  • Top decile Organisational Health
  • Top half of industry diversity metrics
  • Year on year improvement in Organisation Health inclusion measures
  • At least 50% of our appointments are internal candidates
FY21 Progress1
  • Progressing our objective of creating a diverse, inclusive and psychologically safe work environment
  • Senior leaders are actively engaged in an inclusive leadership program
  • Increased global hiring of female talent to 23% (from 15%)


We are outstanding operators

We safely operate our assets to their full potential.

What we will do
  • All our people apply the Edge mindset with a focus on maximising sustainable cash generation
  • Deliver on our full potential targets under the Edge program
  • Deliver on robust value-focused budgets and business plans
  • Deliver on MOS, Asset Management and Process Control & Analytics plans
  • Actively manage & reduce our material risks
  • Consistently meet or exceed Budget
  • Performance v industry benchmarks and technical limits
  • Top quartile Overall Equipment Effectiveness (OEE)
  • Lowest quartile AISC per ounce
  • No major unplanned operational interruptions
FY21 Progress1
  • Cadia delivered ore mined & milled records and exceeded its production guidance for FY21
  • Cadia achieved record low AISC of negative $109/oz for FY21


We are a leader in innovation and creativity

We create lasting value through audacious breakthroughs.

What we will do
  • Further improve operational safety and sustainability through technology
  • Extend our caving leadership position
  • Apply digital, big data, automation and other future of mining technologies to realise step change improvements in operating efficiencies
  • Make technology breakthroughs to release the full value of our orebodies
  • Rapid experimentation and adoption through collaboration with others
  • No major unexpected geotechnical events
  • 15 Moz eq of innovation driven growth in Ore Reserves5
  • 20% improvement in operational efficiency and sustainability measures5
  • $1 Bn of incremental NPV added through breakthroughs5
FY21 Progress1
  • Studying the application of civil engineering techniques to Phase 14A which could enable access to existing Indicated Mineral Resources
  • Assessing whether these techniques can be applied to other cutbacks at Lihir which could enable a further deferral of the construction of the Seepage Barrier


We grow profitably

We have an industry leading portfolio that delivers superior returns and growth.

What we will do
  • Disciplined capital allocation
  • Maximise exploration success through technology and Newcrest know how
  • Execute Projects in a capital efficient way on budget and on schedule
  • Execute value accretive M&A
  • Add to our portfolio of Tier 1 and Tier 2 orebodies
  • 2–3 greenfield discoveries
  • Havieron in production
  • Red Chris block cave nearing production
  • Wafi-Golpu project approved and in development
FY21 Progress1
  • Cadia Moly plant in commissioning
  • Cadia Expansion Project and PC1-2 Early Works Program underway at Cadia
  • Progressing construction of exploration declines at Havieron and Red Chris
  • Telfer WDS5 cutback underpins long term potential
  • Recommenced Wafi-Golpu SML discussions


  1. As at 31 August 2021 and reflects progress made since announcing Newcrest’s Forging an even stronger Newcrest plan in February 2021.
  2. Injury rates are lowest quartile when compared to the International Council on Mining & Metals report titled “Safety Performance – Benchmarking progress of ICMM company members in 2020”.
  3. Relating to Newcrest’s operational (Scope 1 and Scope 2) emissions. Newcrest intends to work across its value chain to reduce its Scope 3 emissions.
  4. Refer to market release titled “Newcrest signs renewable energy PPA to help deliver ~20% reduction in greenhouse gas emissions” dated 16 December 2020.
  5. Aspirational statements, which are not to be construed as guidance.

2021 Newcrest Annual General Meeting

2021 AGM

Newcrest will hold its Annual General Meeting for FY21 on Wednesday 10th November 2021 at 10:30am (Melbourne time).

Safety and Sustainability

At Newcrest, safety and sustainability is core to how we run our business.


We are building a culture and work environment that is inclusive and supports challenge, so as to create the conditions for high performance that leverages the diversity of talent within our business.

Organic Growth

Newcrest has a multitude of organic growth projects underway, including the Cadia Expansion Project and PC1-2 Early Works program and the construction of exploration declines at Havieron and Red Chris.


FY21 Highlights