Australia's biggest gold company said it was in a "robust'' financial position at a time when there are restrictions on money in the marketplace due to the financial crisis.
"We think there is a whole range of opportunities in M&A (merger and acquisition) and will probably get better over the upcoming six to twelve months,'' Newcrest (ncm.ASX:Quote,News) chief executive Ian Smith told reporters after the company's annual general meeting.
Mr Smith said the company had been approached by domestic and overseas parties about possible joint ventures in projects that are close to, or near development.
The financial turmoil, however, has torpedoed Newcrest's plans to sell its majority stake in the Cracow gold mine in Queensland, which the company considers a non-core asset.
Junior explorer Beadell Resources was forced to abandon plans to acquire the Cracow interest for $200 million in July after an unsuccessful equity raising due to tough market conditions.
"I think the window of opportunity has closed there,'' Mr Smith said.
"If someone came along and offered us a fantastic price, you'll always consider that ... but I don't think in the current market we can expect that to happen over the next three months or so.''
Newcrest said its Telfer mine in Western Australia - its highest cost operation - should drop to the mid-range of the cost curve of about $US450 per ounce by the end of this financial year.
The company has initiated a cost cutting program at Telfer, which includes a reduction in the workforce, to drop site costs of between $25 million to $30 million this financial year.
Mr Smith said the emerging O'Callaghans polymetallic deposit, ten kilometres from the process plant at Telfer, could generate significant revenue for the operation.
He said tonnage from the low-grade open-pit at Telfer could be scaled back to allow ore from the O'Callaghans deposit, which contains tungsten, copper, zinc and lead, to be processed.
"The overall revenue stream at Telfer would go up appreciably,'' Mr Smith said.
Newcrest shares gained $1.43, or 7.65 per cent to $20.13 by 1.39pm (AEDT).
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