Ann: Newcrest Production Update , page-15

SG, Newcrest gave guidance at the start of the year and it went thus.

Cadia Valley = 480-530koz

So far we have, 154k and 151k, so presumably if the top-end of the range is hit as now hinted, then in the 2nd half we'll get 225k (or about 110k each qtr). So what happened to the ramp up? I've got no idea what you're "trying" to see here... FY13 CV production was ~450k, so I guess the mine has ramped up versus last year. Long term guidance for CV is for 700-800koz. It's pretty obvious that you're short position is blind, a stab in the dark. The market, and me included, is being told to expect less and less production from Cadia this year and you're expecting more and more? Look at the schedule for stockpile processing and underground development versus production.

Telfer = 400-450koz

So far we have, 124k and 157k, so expecting about 170k in the 2nd half. Again, have a look at the mine plan... they transitioned to processing high grade feed (x3 against the stockpiles and open pits) towards the end of last quarter, which equals to reduced costs going forward. The undergound mine seems to be running sweetly, hopefully the crew keep up the good work there.

Lihir = 700-800koz

So far we have 195k and 188k, so expecting 317k to 417k next half or 159k to 209k per quarter. Again, looks all good from what I can see.

Gosowong = 260-320koz

So far we have 71k and 78k, so expecting 111k to 171k next half or 56k to 86k per quarter.

Hidden Valley = 80-105koz

So far we have 25k and 25k.

Bonikro = 80-95koz

So far we have 18k and 23k.

Personally, I think they're going to have to lift the production guidance... Sept qtr was better than plan, Dec qtr was "way, waaay" better than plan (hence the update - NCM never does preliminary updates on the qrtlies), Cadia is doing a lot better than expected, and Telfer, wow, use to think it was marginal at best.