Newcrest has recorded a profit drop of more than half year on year as lower metal prices and gold production hurt its bottom line.
In the six months to 31 December 2011 the miner recorded a profit of $659 million, how this slumped last year to $320 as costs increases at its sites.
Total earnings also took a battering, with Newcrest's EBTIDA plummeting nearly 40% from 1.175 billion down to $750 million.
Despite this downturn the miner is optimistic about the second half of FY13.
It expects "revenue (subject to prices and FX) to increase from production volumes".
This will be due to the access to higher grade faces at its Gosowong operations, improved recovery and access at its Telfer mine, and the ramp up of its Cadia East project and Lihir operations.
It has also recorded a jump in its reserve and resources levels year on year.
In December 11 the miner had 149.7 million ounces in resources and 79.1 million ounces in reserves.
Within the space of a year this increased to resources of 161.2 million ounces and reserves of 87.3 million ounces.
The main drivers of this are the aforementioned Lihir ramp up, which will see an increase from 276 000 ounces to between 450 000 and 470 000 ounces and Cadia Valley skyrocketing from 190 000 ounces to between 260 000 and 280 000 ounces.
Telfer will jump from 239 000 ounces to between 310 000 and 320 000 ounces.
Newcrest will also focus on minimising capital expenditure.