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Newcrest Mining says no mines closed yet, maintains guidance

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(Kitco News) - Australian gold miner Newcrest Mining (ASX:NCM) said Tuesday it has no confirmed cases of COVID-19 at any of its operations or projects, and with all mines continuing to operate there is no change to the company's guidance for FY20. 

COVID-19 containment measures have been wrecking havoc with miners' production. Over one-third of senior gold miners listed on the NYSE have withdrawn guidance.

Newcrest, one of the world's top gold miners based on production, announced several protocols to enhance safety and limit the impact of COVID-19 spreading. 

The company said it is working with suppliers and making alternate arrangements should the supply chain be disrupted. Regarding its customers, Newcrest said its refineries see no reduction in demand and are able to receive and process copper concentrate and ore. 

The company is cashed up. It drew down $600 million under its committed bilateral bank debt facilities to increase its cash on hand. Newcrest said it has around US$1.4 billion and access to a further $1.4 billion of liquidity in the form of undrawn committed bank facilities. 

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