SYDNEY, Feb. 8 (Xinhua) -- Australia's largest gold miner Newcrest Mining on Friday reported a 51 percent drop in first half profit due to lower production and sales.
Newcrest said net profit for the six months ended December 31, 2012 was 320 million AU dollars (329.18 million U.S. dollars), down from 659 million AU dollars in the corresponding prior period.
Gold sales volumes in the six month to December 2012 were 22 percent lower than the corresponding prior period, and copper sales were 7 percent weaker, Newcrest said.
But the company said it expected a higher production in the second half of the 2013 financial year, with the commencement of commercial production from its two major growth projects.
"For the remainder of the 2013 financial year, Newcrest expects higher production in line with achieving the bottom end of guidance, and a subdued cost environment," the company said in a statement.