Oct. 7 (Bloomberg) — Newcrest Mining Ltd., Avoca Resources Ltd. and rival Australian gold producers are set for “windfall” gains as the value of the precious metal in Australian dollars climbed to a record as the local currency fell.
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Newcrest, Australia’s largest gold producer, will have net income of A$467.5 million in the year ending June 30, 2009, according to the average of eight estimates compiled by Bloomberg, compared with A$134.3 million last year. JPMorgan Chase & Co. increased its 2009 fiscal year profit estimate for Newcrest by 47 percent Aug. 29 after the broker cut its forecast for the local currency. Australia is the world’s third-largest bullion producer.
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