Newcrest 4Q Production, Costs Higher On-Quarter
25 July 2023 - 9:30AM
Dow Jones News
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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