Share price is still well below the level it was at before the...

Share price is still well below the level it was at before the results were announced, reflecting the degree of disappointment.

The recovery since the announcement is more to do with the underlying gold resource rather than any sentiment about Newcrest. As a company they've performed very poorly this half. They've failed to convert a number of positive factors into a positive outcome: exchange rate, price of gold, trouble-free operations. Instead they've delivered lower profitability, a terrible dividend and minimal debt reduction.