Newcrest – Buy

Newcrest Mining has moved to bolster their balance after raising $1.1bn which will be used for growth.

Newcrest’s balance sheet is in good shape with over $1.5bn in cash and about the same in undrawn facilities. Gearing remains low at 15%.

NCM has now rallied to $30+ and we will consider taking profit within the $31 – $32 price range.