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Newcrest maintains lustre in challenging environment

Newcrest has achieved gold production guidance for FY22, with copper production 3 per cent lower than forecast, predominantly driven by lower mill throughput…

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This article was originally published by Australian Mining

Newcrest has achieved gold production guidance for FY22, with copper production 3 per cent lower than forecast, predominantly driven by lower mill throughput at its mines at Red Chris (Canada) and Telfer in Western Australia.

Full year AISC was 2 per cent higher than guidance due to the lower copper production and a lower realised copper price, timing of copper sales from Cadia in New South Wales and higher production stripping at Telfer.

Market guidance for FY23 will be released with the full year results on August 19, and will outline Newcrest’s views of the risk of cost inflation on AISC and capital expenditure, and the associated mitigation strategies underway.

Gold production was 31 per cent higher than the prior period, driven by higher mill throughput and gold head grade at both Lihir (PNG) and Cadia, and the addition of a full quarter of production from Brucejack (Canada). Gold production was also higher at Red Chris and Telfer compared to the prior period.

Newcrest’s AISC for the June 2022 quarter of $896/oz was 10 per cent lower than the prior period, driven by higher gold and copper sales volumes, and lower site operating costs on a dollar per ounce basis with higher production.

There was also an additional benefit of a weakening Australian dollar against the US dollar on Australian dollar denominated operating costs. These benefits were partly offset by a lower realised copper price compared to the prior period.

Newcrest managing director Sandeep Biswas said over the past four quarters, Newcrest had steadily increased gold and copper production, driving lower group AISC and delivering a record-breaking annual cost performance at Cadia.

“We were particularly pleased to record a fourth consecutive quarter of lower group costs during this challenging inflationary environment,” he said.

Australian Mining.



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