Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Newcrest Mining has reported a strong June quarter, resulting in the company missing its original full-year production guidance by only 2%.
Newcrest in April adjusted full-year production forecasts from between 2.4-million and 2.7-million ounces, to between 2.25-million and 2.35-million ounces, following a tailing breakthrough at its Cadia operations, in New South Wales.
The ASX-listed miner on Thursday reported that with gold production in the June quarter reaching 635 000 oz, a 10% increase on the previous quarter, full-year production had reached 2.34-million ounces, only 1% lower than the previous financial year.
“This was a quarter to be proud of. Lihir continued to impress with record quarterly mill throughput rates and record low quarterly all-in sustaining costs (AISC),” said Newcrest MD and CEO Sandeep Biswas.
“Cadia recovered well from the tailings wall slump in March to post record monthly mine production and mill throughput rates in June, at an annualised rate exceeding 30-million tonnes a year.
“Telfer achieved record total material movement, tonnes crushed and tonnes milled for the quarter,” Biswas said.
During the quarter under review, the Lihir operation delivered 306 721 oz of gold, Cadia contributed 156 011 oz of gold and 15 881 t of copper, while Telfer contributed 120 100 oz of gold and 4 230 t of copper. At the Gosowong mine, in Indonesia, Newcrest produced 52 118 oz of gold.
Newcrest on Thursday reported that the group’s AISC for the June quarter was also A$31/oz lower than the previous quarter, at A$507/oz, driven by the increased production at the Lihir and Telfer operations.
“We continue to progress options for profitable growth, including our organic growth options. The environmental impact statement for Wafi-Golpu was submitted and the tender process for early works for the next Cadia block cave has commenced,” Biswas said.
“We strive to safely operate our assets to their full potential and this quarter reflected the benefits of our safety programme, our Edge performance improvement progamme, and our people.”