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Newcrest increases quarterly gold production, reduces costs

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(Kitco News) - Newcrest Mining today announced its December quarter 2020 production results.

According to the company’s statement, its attributable gold production amounted to 535,477 ounces in December 2020 quarter and was 6% higher than the prior period (503,089 ounces) primarily driven by a reduction in scheduled maintenance events in the quarter, combined with a stronger operational performance from Lihir and Telfer. Gold production for the December 2020 quarter includes 31koz relating to Newcrest’s 32% equity interest in Lundin Gold which owns the Fruta del Norte mine in Ecuador.

Newcrest’s AISC for the December 2020 quarter of $968/oz was $12/oz lower than the prior period.

The company’s copper output of 34,557 tonnes was in line with previous quarter (34,763 tonnes), while silver production increased by 8% to 230,769 ounces.

Managing Director and CEO Sandeep Biswas said, “Our results for the December quarter were underpinned by a strong operational and safety performance together with significant advancements in our growth agenda and sustainability commitments.”

Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world's largest gold mining companies.

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