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The biggest gold miner in Australia, Newcrest Mining (ASX:NCM), reported stronger than expected half year results, which blasted its shares above its 50 day trading average.

Its underling profit sprouted 98% higher to US$554 million. That was 14% above Goldman Sachs’ forecast and 18% better than consensus/market expectations.

Newcrest Mining declared a US$0.15 per share dividend, fully franked.

Many analysts are thinking NCM’s three new growth projects have not yet been appreciated by the market.

NCM is a buy stock for Citi, UBS, Credit Suisse and Morgan Stanley.