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Newcrest gold production drops 27%

Kitco News

Top-ten global gold producer Newcrest (TSE:NCM) announced today that gold production was 396,000 ounces and copper was 25,000 tonnes in its Q3 quarterly report.

Gold production was 27% lower than the prior period mainly driven by lower mill throughput rates at Cadia, Lihir and Telfer, said the company.

Newcrest Managing Director and CEO, Sandeep Biswas, expects production to increase.

“Newcrest’s production in the September quarter was in line with our expectations and reflects the replacement and upgrade of the SAG mill motor at Cadia, the completion of the re-bricking of Autoclave 4 at Lihir and other planned maintenance shutdowns across the Group which is consistent with prior years. We expect gold and copper production to increase in the December quarter with lower planned shutdown activities and completion of the SAG mill motor replacement and we remain on track to meet our FY22 guidance.”

The company's all-in sustaining cost was $1,270 per ounce.

The company said it is a projecting a 50% reduction in Newcrest’s AISC per ounce by 2030, as well as a 2.0 million ounce per annum production.

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