The company reported gold production of 527koz and copper production of 32kt during the quarter.
SEATTLE (Scrap Monster): Newcrest Mining reported results for the quarter ended September 30, 2022. The quarterly gold production recorded 17% decline over the sequential quarter, mainly due to planned shutdowns at its mines and lower head grade at Lihir, Cadia and Brucejack. However, the company remains confident of meeting the previously announced annual output guidance, on the back of anticipated rebound in the final quarter of the year.
The company reported gold production of 527koz and copper production of 32kt during the quarter. It must be noted that the company had reported gold production of 637koz and copper production of 39kt during the June 2022 quarter. The quarterly AISC stood at $1,098 per oz, significantly higher by 23%, when matched with the prior year quarter, said the company press release.
The company’s solid performance during the September quarter was overshadowed by the upsetting news from Brucejack, where a team member from its mining and development contractor met with a critical incident while working underground.
Sandeep Biswas, Managing Director and Chief Executive Officer, Newcrest Mining noted that it expects continued strong operating performance in line with guidance and a material increase in copper production in upcoming quarters.
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