Australian gold producer Newcrest Mining Ltd. on Tuesday reported an 87 percent rise in 2008/09 net profit after it closed out its gold hedge book to give itself more exposure to rising bullion prices.

Newcrest said its statutory profit for the year to June 30 was A$134.2 million from $72 million in the previous year.

Underlying profit before hedge restructuring was A$493.9 million, more than double the previous year’s A$191.2 million.

Find More Other News : Company, Exploration, Gold Mine, Mine Trade & Market, Mining Finance, Mining Investment, Mining Top News