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Newcrest Dec quarter gold output up 17.2pc

AAP  |  30 Jan 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Newcrest Mining (ASX: NCM) has posted a 17.2 per cent increase in gold production in the December quarter, driven by increased production at four of its mines.

Australia's biggest gold miner produced 612,695 ounces of gold in the three months to December 31, compared to 522,917 ounces in the September quarter.

Copper output rose nearly 34 per cent from the preceding quarter to 22,321 tonnes.

Newcrest managing director Sandeep Biswas said all but one of the company's operations improved on the previous quarter.

"I am particularly pleased with Cadia's strong quarter-on-quarter production increase and record low quarterly AISC per ounce," Mr Biswas said.

Production at Cadia's Panel Cave 1 (PC1) and Panel Cave 2 (PC2) continued to increase, with recoveries also improving by 81 per cent.

Bonikro and Telfer production also increased while the company's Lihir mine moderated, due to a motor failure in one of its semi-autogenous grinding (SAG) mills, and production decreased at its Gosowong mine.

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All-in sustaining cost (AISC) for the December quarter was also lower, down $69 per ounce to $829 per ounce, primarily driven by increased production from Cadia.

The company has kept its full-year guidance range unchanged at 2.4 to 2.7 million ounces of gold, with production from its Cadia East mine expected to ramp up in the second half of the fiscal year, along with fewer planned shutdowns.

Cash flow is expected to be positive in the first half of the 2018 financial year, but substantially stronger in the second half, Newcrest said in a statement on Tuesday.

 

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© [2018] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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