Newcrest 2Q Gold Output, Costs Down On-Quarter

By Rhiannon Hoyle

Newcrest Mining Ltd. said it produced less gold but more copper in its second fiscal quarter versus the three months immediately prior, and that costs were lower than the previous period.

The Australia-based mining company reported gold output of 512,130 troy ounces in the three months through December. That compared to 527,115 ounces in the three months immediately prior.

Newcrest said it produced 34,564 metric tons of copper, up from 32,459 tons the quarter prior.

The company's all-in sustaining cost, a measure used to show the full cost of gold mining, fell to $1,082 an ounce from $1,095 an ounce, Newcrest said. That reflected a higher proportion of lower-cost production from its Cadia operations, an increased copper price and weaker Australian and Canadian currencies versus the U.S. dollar, it said.

"Following a solid start to the year we remain confident in delivering a stronger operating performance through the second half of FY23," said Interim Chief Executive Sherry Duhe.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

01-24-23 1734ET