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Mining News October 29, 2020 04:25:31 PM

Gold Output by Newcrest Mining Witnessed Minor Decline

Paul Ploumis
ScrapMonster Author
According to media release, the quarterly gold production declined to touch 503,089 ounces in Q1 this fiscal.

Gold Output by Newcrest Mining Witnessed Minor Decline

SEATTLE (Scrap Monster): Leading Australian gold producer, Newcrest Mining reported 1.7% dip in gold production during the quarter ended 30th September. However, the company announced that it is well on track to meet its 2021 production guidance. Moreover, Newcrest expects improved gold production in Q1.

According to media release, the quarterly gold production declined to touch 503,089 ounces in Q1 this fiscal. This compares with 511,636 ounces of gold produced during the corresponding quarter a year before. The lower production was mainly on account of reduced gold output from its Cadia and Lihir mines. The throughput rates at Cadia, Lihir and Telfer were impacted by a series of planned shutdown events. The AISC for the quarter of $980 per Oz was higher by $102 per Oz from the prior period.

Cadia’s gold production totalled 197koz, lower by 17% from the prior period. The AISC of $113 per Oz was the lowest on record. Lihir gold production of 177koz was 14% lower than the prior period. The mine’s AISC was $69 per ounce lower than the prior period. Telfer’s gold production was 27koz lower than the prior period. Meantime, gold production in Red Chris, Canada was 3koz lower.

Sandeep Biswas, Newcrest Managing Director and Chief Executive Officer noted that the secondary listing on the Toronto Stock Exchange will help to improve the global visibility of the company.

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