SEATTLE (Scrap Monster): Newcrest Mining reported notable rise in gold production, partly driven by higher mill throughput at its Lihir and Cadia mines. The gold production totalled 637,032 ounces in the three-month period ended 30th June, 2022, substantially higher by almost 31%, compared to the production of 486,851 ounces in the prior quarter.
The boosted quarterly output was mainly on account of reduced unplanned downtime at Newcrest’s Lihir project and fewer Covid-19-related disruptions. The full quarterly production from Brucejack too contributed.
The company produced 1.96 million ounces during FY22, surpassing the lower end of the previously announced gold production guidance of between 1.93 million ounces and 2.03 million ounces. Meantime, Newcrest’s AISC for the quarter was 10% lower than the prior period at $896 per Oz.
Sandeep Biswas, Managing Director and Chief Executive Officer, Newcrest stated that the company is pleased to record a fourth consecutive quarter of lower group costs during this challenging inflationary environment. Over the last four quarters, Newcrest has reported steady increase in its copper and gold production, he noted. The company continues to progress its exciting pipeline of organic growth projects, as it moves into FY23, Biswas added.