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Newcrest Mining (NCM), Australia’s biggest gold miner reported its 2021 financial year results, here’s what you need to know.

NCM delivered record statutory and underlying profit of US$1.2 billion. That’s an increase of 80% and 55% respectively and ahead of expectations of US$1.1 billion. Profit was primarily driven by higher gold and copper prices, as well as NCM’s investment in the Fruta del Norte Project in Cadia, one of Australia’s largest gold mining productions. NCM have also signed a Cadia renewable energy contract, which aims for a 30% reduction in group emissions by 2030. The company has a goal for zero carbon emissions by 2050.

NCM’s annual free cash flow hit a record of US$1.1 billion.

The company also reported gold production of 2.1 million ounces and record copper production of 142.7 thousand tonnes.

Dividends increased for the 6th consecutive year. NCM announced a final fully franked dividend of US40cps. That’s 129% higher than the prior year. NCM also announced record total dividends of US55cps, which is equal to a 41% payout of free cash flow. And earnings per share of 142.5 cents, that’s 71% higher than the prior year.

Many brokers have NCM as a BUY, including Macquarie, Morgan Stanley, UBS and Credit Suisse and the most bullish price target is $33.20 by UBS.