Newcrest Mining Ltd is an Australia-based gold and, to a lesser extent, copper miner. Operations are predominantly in Australia and Papua New Guinea, with smaller mines in Indonesia and Cote d'Ivoire. Cash costs are below the industry average, underpinned by improvements at Lihir and the ramp-up of Cadia. Newcrest is one of the larger global gold producers but accounts for less than 3% of total supply. Gold mining is relatively fragmented. The largest producer, Barrick, accounts for less than 5% of global supply.