Gold News

Newcrest gets bullish about gold outlook

Gold mining firm Newcrest has announced a bullish outlook on gold prices, moving to increase its operations and cash in on the boom.

With investors flocking to buy gold en masse since the metal's bull run started in mid-August, Newcrest is looking to chase acquisitions with good long-term prospects.

Seeking sites with at least a ten-year mine life and outputs of 200,000 Newcrest's strategic interests reflect those of the global gold market, with suppliers looking to bolster their stocks as demand grows and prices spiral.

"If we were to pursue an M&A (merger and acquisition) opportunity, we would want it to be in production in a five-year timeframe," said Newcrest managing director Ian Smith.

"I think all the positive indications are there that the gold price will stay here or higher for the next 12 months," he added.

The group reportedly has its eye on three or four potential mining acquisitions.

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