Newcrest Mining Limited
(ASX:NCM) has slashed its exploration budget by almost half as part of a restructure amid sharp falls in the gold price.
The gold and copper miner will cut its exploration expenditure to about $85 million, down from its current level of $160 million.
Newcrest says its focus going forward will be on maximising free cashflow by reducing operating costs, corporate costs and capital expenditure.
The company says it remains confident about its outlook, flagging a solid performance by its Lihir and Cadia Valley projects.
Newcrest says its dividend policy remains unchanged.
Newcrest delivered a net profit of $339 million in the first half of the current financial year.
