PERTH (miningweekly.com) – Despite an increase in gold production, ASX-listed Newcrest on Monday reported a 13% fall in revenue and a 55% fall in net profit for the six months ended December, owing to weaker prices of gold and copper.

Newcrest on Monday reported that it had produced 1.20-million ounces of gold and 38 918 t of copper during the six months to December 31, compared with the 1.14-million ounces of gold and 50 300 t of copper in the corresponding year-ago period.

Revenue declined from $1.78-million reported in the 2014 interim period to $1.55-million, while statutory profit reduced from $180-million to $81-million.

Newcrest noted that the impact of the gold price, which was 10% lower than the average realised price in the previous corresponding period, was partially offset by a 3% increase in gold sales volumes. The increase in the sales volume was primarily owing to higher ore feed grades and higher milling rates at the Lihir and Bonikro assets, in Papua New Guinea and Cote d’Ivoire respectively, as well as the continued ramp-up of the Cadia East operation, in New South Wales, offsetting the declining impact of ore grade at the Ridgeway mine and processing plant issues at Cadia.

“Newcrest has delivered a strong financial result in a lower gold and copper price environment. We continue to further strengthen the balance sheet by safely maximising cash flow from operations, maintaining strong capital discipline and repaying debt,” said MD and CEO Sandeep Biswas on Monday.

Operating costs for the half-year were 13% lower at $969-million, flowing on from foreign exchange benefits of some $156-million as a result of the weakening of the company’s operating currencies against the US dollar.

Meanwhile, Biswas reported that progress was being made to rescue a trapped worker at the Gosowong mine, in Indonesia.

The miner was trapped about 300 m underground following a geotechnical event at the Gosowong mine earlier this month.

On February 14, rescuers broke through to the chamber in which the miner is located, after boring a 70 cm diameter hole some 38 m deep. However, before attempting a final extraction, the borehole would have to be lined allowing the miner to be safely brought up. It was expected that this process could take several days.

A second extraction option was also being progressed, and could result in a new lateral development drive from the main decline to the miner’s location.

“I am not able to give a definitive timeframe at this stage, but rescue work is taking place around the clock, drawing on support from many people across Newcrest and beyond,” Biswas said.