Newcrest Mining

Equities

NCM

AU000000NCM7

Market Closed - Australian S.E. Other stock markets 01:10:49 2023-10-26 am EDT			5-day change	1st Jan Change
23.35 ^AUD	-1.27%		-.--%	-.--%

2023	National Bank of Canada Reduces Newmont's Price Target	MT
2023	Newmont Completes Newcrest Mining Acquisition	MT

Newcrest quarterly gold output jumps 10% as Cadia production soars

April 27, 2022 at 07:14 pm EDT

(Reuters) - Australia's Newcrest Mining Ltd posted a 10% sequential rise in third-quarter gold output on Thursday, helped by higher mill throughput rates at its Cadia mine and the addition of the Brucejack project after its acquisition of Pretium Resources.

Gold miners have benefited from a near 6% jump in prices of the safe-haven commodity in the March quarter as geopolitical tensions due to the Russia-Ukraine war boosted demand for the yellow metal.

Newcrest, the country's largest gold miner, said output was 479,839 ounces for the three months ended March 31, compared with 436,085 ounces in the previous quarter, but missed brokerage Citi's estimate of 535,000 ounces.

Production at Newcrest's flagship Cadia gold mine in New South Wales soared 30% sequentially, due to improved mill capacity following the planned replacement and upgrade of its semi-autogenous grinding (SAG) mill motor.

Newcrest slightly raised its annual gold production forecast to between 1.93 million ounces and 2.03 million ounces from 1.8 million ounces to 2 million ounces, on the back of additional output it can extract from Brucejack and the Fruta del Norte mine in Ecuador.

The company also cut its capital expenditure forecast to between $1.44 billion and $1.52 billion from $1.55 billion to $1.73 billion, due to disruptions to projects from COVID-19 and expected reduced activity at its Lihir mine.

(Reporting by Shashwat Awasthi and Roushni Nair in Bengluru; Editing by Krishna Chandra Eluri)

Latest news about Newcrest Mining

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Company Profile

Newcrest Mining Limited is an Australia-based mining company. The Company's principal activities are exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. The Company owns and operates a portfolio of brownfields and greenfields exploration projects. The Company's assets include Brucejack, Cadia, Havieron, Lihir, Red Chris, Telfer and Wafi-Golpu. The Brucejack asset is located approximately 950 kilometers (km) from Vancouver, Canada. The Cadia asset is located approximately 25 km from Orange, New South Wales (NSW). The Havieron asset is located approximately 45 km east of Telfer. The Lihir asset is located on the Niolam Island, approximately 900 km from Port Moresby, Papua New Guinea (PNG). The Red Chris asset is located approximately 1,700 km from Vancouver, Canada. The Telfer asset is located approximately 400 km from Port Hedland, WA. The Wafi-Golpu asset is located approximately 65 km from the city of Lae, PNG.

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