Newcrest to hike Lihir mine output

Business, Normal

The National, Monday July 29th, 2013


NEWCREST’S Lihir mine operation is focused on increasing its gold production, Papua New Guinea country manager Peter Aitsi said.

He said this last week soon after the miner released its June quarter activities report last Thursday.

Gold production at the Lihir operations was 17% higher than the March quarter.

“Newcrest’s key 2014 priorities continue to be optimisation of the Lihir process plant, the ramp up of Cadia East, positioning of Wafi Golpu as a future production asset, achieving consistent production and reducing costs and capital across the company. 

“Newcrest has long reserve and resource life positions and has many growth options that could be progressed and these decisions would be guided by the prevailing market conditions,” Aitsi added.

According to the quarterly report, Newcrest production for this financial year was 2,109,784 ounces of gold and 80,366 tonnes of copper at a cash cost of A$750 (K1,561) per ounce and total cost of A$1,040 (K2165) per ounce.

Out of the total production, Aitsi said full financial year 2013 production for Lihir was 649,340oz.

Newcrest says last month’s performance was principally driven by increased plant capacity at its Lihir operation, the ongoing ramp-up of the Cadia (Australia) East panel cave, and mining of higher grade stopes at Gosowong, Indonesia. 

Newcrest produced 642,032oz of gold and 22,818 tonnes of copper in the June quarter, representing an increase of 25% and 20% respectively compared to the March quarter.

In March, the company produced 514,421oz of gold and 19,023 tonnes of copper.