However, gold production fell 2.8% from the same quarter last year due to lower output from its Cadia and Lihir mines.
At Lihir, Papua New Guinea, the comapny is on track to release the outcomes of the mine optimization study with its half year results in February. The continued improvement of the handling and processing of the argillic ores has contributed to an increase in throughput and recovery, culminating in a 13% increase in quarterly gold production.
At Telfer, gold production of 99,000 oz was 14% higher than the prior period, driven by the completion of planned maintenance in
the prior quarter enabling an increase in mill throughput and a 9% increase in gold grades.
Meanwhile, the Cadia asset continues to break records, recording its lowest ever quarterly AISC of negative $6/oz, which equates to an AISC margin of $1,821/oz on its almost 200,000 ounces in the quarter. However, gold production of 194,000 oz was 1% lower than the prior period due to lower grade and recovery.
Shares of Newcrest Mining were down 4.5% by Wednesday’s market close. The company’s market capitalization stands at C$21.07 billion.
