Newcrest Gold Output Spiked in March 2022 Quarter

SEATTLE (Scrap Monster): Newcrest Mining Limited released quarterly report for the three months ended 31 March, 2022. The company delivered stronger performance during the quarter.

According to company news release, the gold production during the quarter totalled 480koz, which is significantly higher by 10% than the prior year period. The jump in production was mainly on account of higher mill throughput at Cadia, added production at Brucejack and improved gold head grade and recovery at Lihir. Meantime, the copper production totalled 31kt during the quarter.

Newcrest updated its Group guidance for FY22 following the acquisition of Pretium Resources, which came to a successful completion on March 9, 2022. It now expects higher gold production and a lower All-In Sustaining Cost (AISC). Also, production stripping and major capital expenditure expected to be lower.

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Sandeep Biswas, Managing Director and Chief Executive Officer, Newcrest noted that the company delivered an excellent operational and safety performance during the quarter. Alongside notable reduction in injury rates, the company recorded good progress against its sustainability commitments. The production is expected to increase further in the June quarter, he noted.