Newcrest Mining on Track to Surpass FY23 Output Guidance

On the other hand, Cadia and Telfer operations reported higher gold production.

SEATTLE (Scrap Monster): The quarterly gold production by Newcrest Mining recorded marginal decline by 2% in the second quarter ending 31^st December, 2022, upon comparison with the prior quarter. The reduced output was mainly due to suspension of operations at its Brucejack, Canada operations, following a fatality. The quarterly production results missed analyst estimates.

The production from Red Chris too decline during the quarter, due to lower recovery and mill throughput. On the other hand, Cadia and Telfer operations reported higher gold production.

ALSO READ: Newcrest Gold Output Dipped Significantly on Planned Shutdowns

Newcrest Mining produced 512,130 ounces of precious metals during the quarter, compared with 527,115 oz in the September quarter. The company’s AISC of $1,082 per ounce was marginally down by 1% from the prior period. The injury rates recorded decline during the quarter.

The company remains on track to deliver its full year production guidance for FY23. The gold production at Lihir and Brucejack are expected to increase in the second half of FY23, mainly due to anticipated higher mill throughput across both sites. It maintained full-year guidance of 2.1-2.4 million ounces, with second half of the financial year expected to deliver a better performance.

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