Newcrest extracts 510 koz of gold in last quarter, on track to achieve guidance
Newcrest, one of the world’s largest gold mining companies, yesterday reported gold production of 510 koz and copper production of 31 kt in the March quarter of 2023.
The company said that gold production was in line with the prior period with an improved operating performance at Brucejack, Lihir and Fruta del Norte offset by lower gold production at Cadia, Telfer and Red Chris.
“Higher gold production at Lihir was driven by increased mill throughput following improved rainfall during the quarter, as well as higher gold head grade. Gold production at Brucejack also increased compared to the prior period with operations returning to full capacity following the fatality in October 2022. Gold production at Cadia was mainly impacted by lower mill throughput compared to the prior period,” Newcrest noted in a press release.
The company said it remains on track to deliver its full year group production guidance for FY23, adding that gold and copper production is expected to increase in the June 2023 quarter driven by higher mill throughput across all operations with a lower planned maintenance schedule.
Newcrest’s all-in sustaining cost (AISC) of $1,012/oz for the quarter was 7% lower than the prior period, driven by a higher copper realized price, lower production stripping expenditure at Lihir and Telfer and lower sustaining capital expenditure at Red Chris, Cadia and Brucejack.
Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies. Newcrest owns and operates a portfolio of operating mines and exploration projects located in Australia, Canada and Papua New Guinea.
