PERTH (miningweekly.com) – Gold major Newcrest Mining has reported a 10% increase in production during the three months to March, driven by higher mill throughput at its Cadia operation, and first production from the Brucejack asset, which was acquired in March.
Group gold production for the March quarter reached 479 839 oz, up from the 436 085 oz produced in the December quarter, while copper production increased from 26 418 t to 31 035 t in the same period, and silver production from 187 677 oz to 215 461 oz.
The Cadia operation produced 149 568 oz of gold during the quarter, along with 23 287 t of copper, while Lihir contributed 169 486 oz of gold. The Telfer mine contributed 96 388 oz of gold and 3 521 t of copper, while Brucejack contributed 17 001 oz of gold.
At the Red Chris operation, in Canada, Newcrest produced 8 463 oz of gold and 4 226 t of copper, while a further 38 933 oz of gold was delivered from Fruta del Norte, in Ecuador.
Newcrest delivered an excellent operational and safety performance during the quarter, building momentum for a strong finish to the financial year and positioning us well to meet our updated group 2022 guidance, which reflects the addition of Brucejack and our operating and financial performance to date,” said Newcrest MD and CEO Sandeep Biswas.
“With the Cadia semi-autogenous grinding mill motor operating at full capacity and an improved performance at Lihir, gold and copper production increased for the third consecutive quarter, driving the continued decline in our all-in sustaining cost. It was also very pleasing to see further reductions in our injury rates and progress made against our sustainability commitments.
“In March 2022, we completed the Pretium acquisition, adding the world class Brucejack mine to our already exceptional asset portfolio, generating immediate gold production and cash flows this quarter. We have commenced the early stages of our three-phase transformation programme at Brucejack to maximise its long-term potential and unlock further value for our shareholders. We are also focused on exploring the significant near mine, extensional and district-scale opportunity across the Brucejack district.
“The excellent drilling results already support the potential for significant resource growth beyond the Valley of the Kings deposit, as well as expanding the footprint of high-grade mineralisation at Golden Marmot,” said Biswas.
With the completion of the Pretium transaction, Newcrest has updated its production expectations to between 1.8-million and 2-million ounces of gold, to between 1.9-million and 2.02-million ounces of gold, with copper production targets maintained at between 125 000 t and 130 000 t.