By Rhiannon Hoyle 
 

​Newcrest Mining on Tuesday reported an increase in gold and copper production quarter-on-quarter, and said costs also rose.

Newcrest, which has agreed to a takeover by U.S.-based Newmont, said it produced 556,187 troy ounces of gold in the three months through June--its fiscal fourth quarter--up from 509,637 ounces in the quarter immediately prior. The miner said it produced 34,978 metric tons of copper, up from 31,148 tons in its third quarter.

Newcrest reported a fourth-quarter all-in sustaining cost of $1,196 an ounce, up from $999 an ounce the three months prior. The increase was attributed to higher capital expenditure, mostly at its Lihir, Cadia and Red Chris sites, and a lower realized copper price.

"We were pleased to achieve our FY 2023 group guidance for gold production and all-in sustaining costs following an improved operational performance in the June quarter," Interim Chief Executive Sherry Duhe said. Fiscal-year copper output, at 133,149 tons, fell short of the miner's 135,000-155,000-ton guidance.

Newcrest entered a binding takeover agreement with Newmont in May that would be the largest-ever M&A deal in the gold-mining industry. Newcrest said it expects the takeover to be finalized by the end of 2023.

 

​Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

July 24, 2023 19:15 ET (23:15 GMT)

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