Newcrest Mine Annual Gold Output Exceeded Forecast

SEATTLE (Scrap Monster): Australian miner Newcrest Mining Ltd announced that the FY21 gold output from its Cadia mine has exceeded previous forecasts. However, the consolidated output by the company witnessed modest decline on account of unexpected downtime at its Lihir mine in Papua New Guinea.

According to company press release, the company reported quarterly gold production of 542 koz. The gold production during the quarter was 6% higher, driven by robust performance from Cadia and Telfer. The production at Lihir slumped by 4%. The strong June quarter earnings helped the company deliver FY21 guidance.

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The Cadia mine reported record annualized mined ore volumes of 38.1 mtpa and a record is production, at 126 koz, was higher by 19% from the prior quarter. Also, Red Chris, Canada mine produced 11 koz of gold, more or less unchanged from the prior quarter.

Sandeep Biswas, Managing Director and CEO, Newcrest Mining noted that the group has delivered production and cost guidance for the year. It has made notable progress in advancing organic gold output growth options during the quarter, he added.