Newcrest Mining, Australia's biggest gold producer, has posted a 63 percent jump in its annual profit, driven by higher gold prices and the acquisition of Lihir Gold a year ago.

Gold, which averaged $1,409 per troy ounce during Newcrest’s fourth quarter and has since hit successive records of more than $1,800 USD, boosted the miner’s earnings to $908 million Australian in the year to end of June from $556,900 the previous year.

The average price of the Melbourne-based company gold sales over the past financial year was U.S. $1,360 an ounce, up from U.S. $1,106 the year before, with copper prices also significantly higher in U.S. dollar terms.

Chief executive Greg Robinson says the profit was mainly came from the acquisition of Lihir Gold last Aug. 30.

"Sales revenue grew 46 percent, primarily with the acquisition of Lihir. Gold production and sales increased and gold prices also increased, leading to a 60 percent increase in gold revenue," he said.

"We are bullish on gold prices," Robinson added.