Newcrest ups output

Business, Normal

The National, Friday July 26th, 2013


NEWCREST produced 642,032 ounces 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 514,421 ounces of gold and 19,023 tonnes of copper.

According to Newcrest’s June quarter report, its 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 per ounce and total cost of A$1,040 per ounce.

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 has predicted earlier that its production for gold in the next financial year will be:

  • 2.0 to 2.3 million ounces;
  • With capital expenditure of A$1 billion and a A$85 million exploration expenditure; 
  • Copper production is anticipated to be 75,000 to 85,000 tonnes; 
  • And gold production in the first quarter of next year is expected to be lower than this year’s June quarter.

Newcrest says it is focused on maximising free cash flow and production outcomes will reflect the company operating in this manner.