Facts:
Net debt $1.4 billion.
Cadia is just one operation and its positive cost balance is offset by other high-cost operations such as Lihir. On top of that Cadia has seen a succession of shutdowns, which will materially alter its true cost balance.
Group-wide AISC of $860/oz should produce a flood of free cash flow at current gold prices, yet the best the company was able to manage has been a 4% reduction in debt and a shockingly poor dividend of 7.5c.
Opinion (mine):
Comparing these results to those of the other miners you listed above should provide some clues as to why Newcrest has failed to maintain its connection with either the price of gold or the performance of its peers, and hence why it will fail to "rebound" back into step with those other factors.
NCM Price at posting:
$20.10 Sentiment: Sell Disclosure: Not Held