UPDATE 1-Australia’s Newcrest Mining qtr/qtr gold production hit by shutdowns at top mines

(Provides particulars about firm’s operations)

April 30 (Reuters) – Australia-based Newcrest Mining Ltd’s gold manufacturing within the third quarter got here in about 5 p.c decrease than within the prior quarter, damage by decrease manufacturing at most of its operations, together with its flagship Cadia mine.

Whole gold manufacturing for the nation’s largest impartial gold miner for the three months ended March 31 got here in at 623,124 ounces, in contrast with 575,791 ounces a 12 months in the past. Manufacturing within the December quarter was 654,849 ounces, Newcrest stated on Tuesday.

Whereas deliberate shutdowns hit manufacturing on the Cadia mine in New South Wales, Australia, unplanned disruptions on the firm’s second largest mine, Lihir, in Papua New Guinea, led to decrease recoveries.

Newcrest expects manufacturing at Lihir to be on the backside vary of its 950,000-to-1.1 million-ounces goal vary in fiscal 2019.

It additionally maintained its group fiscal 2019 gold manufacturing steerage, saying it anticipated manufacturing on the midpoint of its steerage vary of two.four million ounces to 2.6 million ounces.

Newcrest stated final 12 months it anticipated gold manufacturing within the second half of 2019 to be larger than within the first half as ore manufacturing on the Cadia East mine ramps up and due to fewer deliberate shutdowns on the Lihir mine.

All-in sustaining prices have been all the way down to $738 per ounce within the quarter, the corporate stated in an announcement, from $826 per ounce a 12 months in the past.

Newcrest’s inventory worth had risen about 17 p.c within the first three months of 2019, with a corresponding rise in gold costs of round zero.7 p.c. (Reporting by Aby Jose Koilparambil and Nikhil Kurian Nainan in Bengaluru; Modifying by Lisa Shumaker and Peter Cooney)

Product categories