(figures are unaudited and in US$ except where stated)
Q1 in line with expectations as shareholder growth pursued in the
- September quarter in line with expectations and on track for meeting annual guidance following completion of major planned maintenance in the quarter:
- Group gold production of 503koz(1) and copper production of 35kt
- Group AISC of
$980 (1) per ounce, delivering a robust AISC margin of 46% or$847 (2) per ounce - Cadia records lowest ever quarterly AISC at
$113 per ounce - Gold and copper production expected to increase in the December quarter
- Successful secondary listing on the Toronto Stock exchange supports
Newcrest's growth strategy in theAmericas and broadens its access to the large North American capital pool - Cadia and Lihir growth projects moved into execution phase with attractive rates of return and short payback
- Lihir clay management studies improve confidence in production plan deliverability; mine optimisation study on track for completion by end
December 2020 - Havieron potential continues to grow as drill results return best intercepts to date; Initial Inferred Mineral Resource expected in
December 2020 quarter (see Quarterly Exploration Report released today) - Industry-leading TRIFR steady at 2.6 and no interruption to operations due to COVID-19
"In line with our strategy of pursuing growth in the
"In October, the Board approved Stage 2 of the
"It's evident that the difficult near-term operating conditions we highlighted at Lihir earlier this year adversely impacted our recent share price performance, so I'm pleased to report that the ongoing Lihir studies have improved our confidence in production plan deliverability and our first quarter performance across the Group is in line with expectations. Lihir is a uniquely large, long-life asset and I remain confident we are on track to realise its full potential."
"Newcrest has uniquely long-life, low-cost production and an exciting pipeline of expansion and exploration projects. Our Quarterly Exploration Report, also released today, further highlights the potential of the Havieron project as it continues to expand its mineralisation and reports its best high-grade intercept to date."
"As we continue to deliver against the strongly value-accretive opportunities across our portfolio, including production growth to come from Havieron and Red Chris, I believe the considerable upside we see will be more broadly recognised" said
Overview(3)
Gold production was 12% lower than the prior period across all operations. In line with prior years, a series of planned shutdown events reduced throughput rates at Cadia, Lihir and Telfer. Additionally, production was also impacted by lower grades at Cadia, Lihir and Red Chris, the impact of unplanned outages and autoclave availability at Lihir and lower recovery rates at Telfer, Red Chris and Lihir. These impacts were partially mitigated by an improvement in gold head grades at Telfer. Included within gold production for the
Production Highlights | Metric | FY20 | FY21 Guidance(4) | ||
Group(1) - gold | oz | 503,089 | 573,175 | 2,171,118 | 1,950-2,150koz |
- copper | t | 34,763 | 40,196 | 137,623 | 135-155kt |
- silver | oz | 214,412 | 252,205 | 983,431 | |
Cadia - gold | oz | 196,504 | 236,705 | 843,338 | 680-760koz |
- copper | t | 25,329 | 27,634 | 96,042 | 95-105kt |
Lihir - gold | oz | 177,337 | 207,233 | 775,978 | 720-820koz |
Telfer - gold | oz | 86,452 | 113,797 | 393,164 | 360-420koz |
- copper | t | 2,384 | 4,162 | 16,278 | 10-20kt |
Red Chris(5) - gold | oz | 12,636 | 15,440 | 38,933 | 45-55koz |
- copper | t | 7,050 | 8,401 | 25,302 | 25-30kt |
Gosowong(6)- gold | oz | - | - | 103,282 | |
Fruta del Norte(1),(7) - gold | oz | 30,160 | 0 | 16,422 | 95-110koz |
Fatalities | Number | 0 | 0 | 0 | |
TRIFR(8) | mhrs | 2.6 | 2.6 | 2.6 | |
All-In Sustaining Cost(1),(9) | $/oz | 980 | 878 | 862 | |
All-In Cost(10) | $/oz | 1,275 | 1,108 | 1,044 | |
All-In Sustaining Cost margin(2) | $/oz | 847 | 768 | 668 | |
Realised gold price(11) | $/oz | 1,837 | 1,646 | 1,530 | |
Realised copper price(11) | $/lb | 2.97 | 2.47 | 2.57 | |
Realised copper price(11) | $/t | 6,548 | 5,445 | 5,666 | |
Average exchange rate | AUD:USD | 0.7147 | 0.6557 | 0.6715 | |
Average exchange rate | PGK:USD | 0.2872 | 0.2898 | 0.2927 | |
Average exchange rate | CAD:USD | 0.7504 | 0.7210 | 0.7452 |
All figures are shown at 100% unless stated otherwise.
Operations
Cadia,
Highlights | Metric | FY20 | FY21 Guidance | ||
TRIFR | mhrs | 3.6 | 6.1 | 4.9 | |
Total production - gold | oz | 196,504 | 236,705 | 843,338 | 680-760koz |
- copper | t | 25,329 | 27,634 | 96,042 | 95-105kt |
Head Grade - gold | g/t | 1.02 | 1.09 | 1.14 | |
- copper | % | 0.40 | 0.39 | 0.39 | |
Sales - gold | oz | 195,146 | 236,980 | 848,959 | |
- copper | t | 24,596 | 26,924 | 96,437 | |
All-In Sustaining Cost | $/oz | 113 | 170 | 160 | |
All-In Sustaining Cost margin | $/oz | 1,724 | 1,476 | 1,370 |
Cadia's gold production of 197koz was 17% lower than the prior period driven by a 10% reduction in throughput and a 6% reduction in gold head grade. The lower throughput in the period was primarily due to planned maintenance shutdown events in July and September. The lower gold grade in the period was in line with expectations.
Cadia's AISC of
As previously announced on
Engineering and geotechnical verification work for the Pre-Feasibility Study (PFS) for the repair of the Northern Tailings Storage Facility (NTSF) was concluded in the quarter. Prior to finalisation, the PFS is undergoing a Competent Independent Review (CIR) process. Subject to the outcomes of that review process, commencement of the Feasibility Study is expected in the first half of calendar 2021. The estimated cost of the preferred 'go-forward' option remains below
To date, Cadia has not experienced any COVID-19 related disruptions to the supply of goods or services or to its workforce. Cadia is primarily a residential workforce and otherwise largely draws on resources from within the
Lihir,
Highlights | Metric | FY20 | FY21 Guidance | ||
TRIFR | mhrs | 0.5 | 0.8 | 0.6 | |
Production - gold | oz | 177,337 | 207,233 | 775,978 | 720-820koz |
Head Grade - gold | g/t | 2.34 | 2.46 | 2.38 | |
Sales - gold | oz | 210,831 | 193,851 | 760,724 | |
All-In Sustaining Cost | $/oz | 1,283 | 1,352 | 1,206 | |
All-In Sustaining Cost margin | $/oz | 554 | 294 | 324 |
Gold production of 177koz was 14% lower than the prior period primarily due to lower throughput, grade and recovery. Mill throughput was 9% lower than the prior period reflecting the impact of the planned maintenance shutdowns and unplanned downtime due to crusher outages. Gold head grades were 5% lower than the prior period reflecting a lower proportion of higher grade ex-pit ore feed. Gold recovery of 72.6% was 1% lower than the prior period driven by lower feed grade and an increase in flotation due to a reduction in autoclave availability following planned and unplanned downtime.
Clay management studies have allowed an increased understanding of the argillic ores within the overall distribution of argillic ores that have recently unfavourably impacted plant performance. Importantly, these studies also identified reduced quantities of these argillic ores which has informed ore scheduling and process plant upgrade studies and has improved confidence in FY21 production plan deliverability. Additionally, conveyor and chute modifications were completed during the
The mine optimisation study remains on-track to be completed in
Lihir's AISC was
As previously announced on
In
To date, Lihir has not experienced any COVID-19 related disruptions to the supply of goods or services or disruption to operations. To manage the potential impacts of COVID-19 to production, Lihir has increased its key inventory holdings to mitigate against disruptions to the supply chain, implemented longer rosters and regularly engages with key service providers.
National travel restrictions to reduce the risk of COVID-19 have been in place since
Lihir – Material Movements
Ore Source | Metric | FY20 | ||
Ex-pit crushed tonnes | kt | 1,236 | 1,468 | 5,445 |
Ex-pit to stockpile | kt | 1,610 | 1,162 | 6,585 |
Waste | kt | 6,269 | 3,965 | 18,055 |
Total Ex-pit | kt | 9,115 | 6,595 | 30,085 |
Stockpile reclaim | kt | 2,192 | 2,133 | 8,250 |
Stockpile relocation | kt | 3,306 | 2,860 | 13,599 |
Total Other | kt | 5,498 | 4,993 | 21,850 |
Total Material Moved | kt | 14,613 | 11,588 | 51,935 |
Lihir – Processing
Equipment | Metric | FY20 | ||
Crushing | kt | 3,426 | 3,601 | 13,696 |
Milling | kt | 3,255 | 3,580 | 13,798 |
Flotation | kt | 2,780 | 2,773 | 10,414 |
Total Autoclave | kt | 1,592 | 1,951 | 7,319 |
Telfer,
Highlights | Metric | FY20 | FY21 Guidance | ||
TRIFR | mhrs | 4.6 | 2.9 | 4.9 | |
Production - gold | oz | 86,452 | 113,797 | 393,164 | 360-420koz |
- copper | t | 2,384 | 4,162 | 16,278 | 10-20kt |
Head Grade - gold | g/t | 0.86 | 0.83 | 0.90 | |
- copper | % | 0.09 | 0.11 | 0.14 | |
Sales - gold | oz | 85,096 | 115,747 | 391,339 | |
- copper | t | 2,311 | 4,831 | 16,283 | |
All-In Sustaining Cost | $/oz | 1,797 | 1,215 | 1,281 | |
All-In Sustaining Cost margin(13) | $/oz | 40 | 431 | 249 |
Telfer's gold production was 27koz lower than the prior period driven by the impact of planned maintenance shutdowns reducing mill throughput and higher sulphur grades from the West Dome pit lowering gold recovery. This was partially mitigated by a 4% improvement in gold head grades which was due to the realisation of higher grade blocks in the
AISC per ounce was higher than the prior period primarily driven by the impact of lower gold production, an increase in site operating costs associated with the planned shutdowns, the impact on operating costs from the strengthening of the Australian dollar against the US dollar, the timing of sustaining capital expenditure and lower copper sales volumes. These impacts were partially offset by lower production stripping costs as waste stripping activities near completion and the benefit of a higher realised copper price.
To date, Telfer has not experienced any COVID-19 related disruptions to the supply of goods or services, to its workforce or to its operation. The Telfer workforce is primarily from
At the
Red Chris,
Highlights(14) | Metric | FY20 | FY21 Guidance | ||
TRIFR | mhrs | 11.1 | 10.5 | 12.7 | |
Production - gold | oz | 12,636 | 15,440 | 38,933 | 45-55koz |
- copper | t | 7,050 | 8,401 | 25,302 | 25-30kt |
Head Grade - gold | g/t | 0.40 | 0.50 | 0.39 | |
- copper | % | 0.46 | 0.61 | 0.54 | |
Sales - gold | oz | 11,834 | 15,607 | 37,271 | |
- copper | t | 6,642 | 8,736 | 24,432 | |
All-In Sustaining Cost | $/oz | 2,621 | 1,536 | 1,703 | |
All-In Sustaining Cost margin | $/oz | (784) | 110 | (173) |
The Newcrest Safety Transformation plan continues to yield benefits at Red Chris. Despite the 6% increase in TRIFR in the quarter the severity of injuries decreased, demonstrating the ongoing improvements in Red Chris' safety performance. Red Chris continues to build on its safety reporting culture and incident investigation.
Gold production was 3koz lower than the prior period reflecting a higher proportion of lower grade stockpile material being fed to the mill due to unseasonal rainfall impacting the availability of higher grade ex-pit material. This lower grade mill feed adversely impacted recovery rates. These impacts were partially offset by a 13% increase in mill throughput as a result of process control improvements and a higher proportion of stockpile material with characteristics that enabled increased processing rates.
Red Chris' AISC of
Over the course of FY21, Red Chris is planning to implement a number of additional improvement initiatives across the site including a new fleet management system, the replacement of the conventional CAT793 truck tubs with high performance trays to realise payload benefits and a number of throughput and recovery related projects.
To date, Red Chris has not experienced any COVID-19 related disruptions to the supply of goods or services, to its workforce or to its operations.
Red Chris drilling results are included in the
Fruta Del Norte,
As announced on
Included within
Wafi-Golpu,
Exploration
See the separately released "Quarterly Exploration Report" for an exploration update for the
Corporate
Toronto Stock Exchange Listing
On
As announced on
A number of initiatives, ranging from immediate health assistance to livelihood restoration and economic recovery, have been funded to date. Notable initiatives in the period included the provision of emergency humanitarian relief to host communities in
Interactive Analyst CentreTM
Managing Director and Chief Executive Officer
Gold Production Summary
Quarter | Mine Production Tonnes (000's)(15) | Tonnes Treated (000's) | Head Grade (g/t Au) | Gold Recovery (%) | Gold Production (oz) | Gold Sales (oz) | All-In Sustaining Cost ($/oz)(1) |
Cadia East Panel Cave 1 | 633 | ||||||
Cadia East Panel Cave 2 | 6,724 | ||||||
Cadia East Panel Cave 2-3 | 286 | ||||||
Cadia(16) | 7,643 | 7,701 | 1.02 | 78.8 | 196,504 | 195,146 | 113 |
13,637 | 3,620 | 0.77 | 74.9 | 67,574 | |||
Telfer Underground | 344 | 309 | 1.92 | 83.2 | 15,883 | ||
Telfer Dump Leach | 2,995 | ||||||
Total Telfer | 13,982 | 3,929 | 0.86 | 76.4 | 86,452 | 85,096 | 1,797 |
Lihir | 9,115 | 3,255 | 2.34 | 72.6 | 177,337 | 210,831 | 1,283 |
Red Chris | 5,467 | 1,944 | 0.40 | 50.8 | 12,636 | 11,834 | 2,621 |
Fruta del Norte(17) | 30,160 | 30,160 | 810 | ||||
Total | 36,206 | 16,829 | 1.16 | 74.9 | 503,089 | 533,067 | 980 |
All figures are shown at 100%, except for Red Chris which is shown at
Copper Production Summary
Copper Grade (%) | Copper Recovery (%) | Concentrate Produced (tonnes) | Metal Production (tonnes) | |
Cadia | 0.40 | 83.1 | 102,830 | 25,329 |
0.07 | 61.4 | 17,963 | 1,586 | |
Telfer Underground | 0.28 | 92.0 | 7,112 | 798 |
Total Telfer | 0.09 | 69.1 | 25,076 | 2,384 |
Red Chris | 0.46 | 78.8 | 31,314 | 7,050 |
Total | 0.29 | 81.1 | 159,220 | 34,763 |
All figures are shown at 100%, except for Red Chris which is shown at
Silver Production Summary
Tonnes Treated (000's) | Silver Production (oz) | |
Cadia | 7,701 | 150,666 |
Telfer | 3,929 | 23,607 |
Lihir | 3,255 | 8,000 |
Red Chris | 1,944 | 32,140 |
Total | 16,829 | 214,412 |
All figures are shown at 100%, except for Red Chris which is shown at
All-In Sustaining Cost –
3 Months to | ||||||||
Units | Cadia | Telfer | Lihir | Red Chris | Corp/ Other | Group(18) | ||
Gold Produced | oz | 196,504 | 86,452 | 177,337 | 12,636 | - | 472,929 | |
Mining | $/oz prod. | 179 | 927 | 260 | 1,351 | - | 377 | |
Milling | $/oz prod. | 317 | 498 | 645 | 976 | - | 491 | |
Administration and other | $/oz prod. | 94 | 211 | 236 | 1,117 | - | 196 | |
Lease Adjustments | $/oz prod | (3) | (32) | (5) | - | - | (9) | |
Third party smelting, refining and transporting costs(19) | $/oz prod. | 149 | 128 | 3 | 575 | - | 102 | |
Royalties | $/oz prod. | 92 | 51 | 51 | 61 | - | 68 | |
By-product credits | $/oz prod. | (842) | (177) | (1) | (3,468) | - | (475) | |
Ore inventory adjustments(20) | $/oz prod. | - | 8 | 75 | 99 | - | 32 | |
Production stripping adjustments(20) | $/oz prod. | - | - | (173) | (1,124) | - | (95) | |
AOD adjustments(20) | $/oz prod. | - | (2) | - | - | - | - | |
Net Cash Costs | $/oz prod. | (14) | 1,612 | 1,091 | (413) | - | 687 | |
Gold Sold | oz | 195,146 | 85,096 | 210,831 | 11,834 | - | 502,907 | |
Adjusted operating costs(21) | $/oz sold | (27) | 1,605 | 1,028 | (778) | - | 674 | |
Corporate general & administrative costs(22),(23) | $/oz sold | - | - | - | - | 36 | 36 | |
Reclamation and remediation costs | $/oz sold | 5 | 5 | 9 | 73 | - | 8 | |
Production stripping | $/oz sold | - | - | 146 | 1,200 | - | 90 | |
Advanced operating development | $/oz sold | - | 2 | - | - | - | - | |
Capital expenditure (sustaining) | $/oz sold | 129 | 129 | 96 | 2,053 | 6 | 166 | |
Exploration (sustaining) | $/oz sold | 3 | 9 | - | 52 | - | 4 | |
Leases (sustaining) | $/oz sold | 3 | 47 | 4 | 21 | - | 12 | |
All-In Sustaining Cost | $/oz sold | 113 | 1,797 | 1,283 | 2,621 | 42 | 990 | |
Growth and development costs(23) | $/oz sold | - | - | - | - | 6 | 6 | |
Capital expenditure (non-sustaining)(24) | $/oz sold | 481 | - | 49 | 277 | 6 | 220 | |
Exploration (non-sustaining) | $/oz sold | - | 3 | - | 355 | 48 | 57 | |
Leases (non-sustaining) | $/oz sold | 6 | - | - | - | - | 2 | |
All-In Cost | $/oz sold | 600 | 1,800 | 1,332 | 3,253 | 102 | 1,275 | |
Depreciation and amortisation(25) | $/oz sold | 246 | 256 | 354 | 1,147 | 11 | 325 |
All figures are shown at 100%, except for Red Chris which is shown at 70%. AISC and AIC may not calculate based on amounts presented in these tables due to rounding.
All-In Sustaining Cost – Twelve months to
12 Months to | |||||||||
Units | Cadia | Telfer | Lihir | Red Chris | Goso-wong(26) | Corp/ Other | Group | ||
Gold Produced(27) | oz | 843,338 | 393,164 | 775,978 | 38,933 | 103,282 | - | 2,154,696 | |
Mining | $/oz prod. | 145 | 703 | 243 | 1,522 | 520 | - | 325 | |
Milling | $/oz prod. | 265 | 380 | 545 | 1,200 | 166 | - | 399 | |
Administration and other | $/oz prod. | 90 | 172 | 225 | 695 | 329 | - | 176 | |
Lease Adjustments | $/oz prod | (2) | (40) | (4) | - | - | - | (10) | |
Third party smelting, refining and transporting costs(28) | $/oz prod. | 133 | 145 | 3 | 668 | 6 | - | 92 | |
Royalties | $/oz prod. | 72 | 47 | 37 | 68 | 89 | - | 55 | |
By-product credits | $/oz prod. | (660) | (241) | (1) | (3,602) | (19) | - | (368) | |
Ore inventory adjustments(29) | $/oz prod. | (2) | (11) | 36 | (89) | 6 | - | 9 | |
Production stripping adjustments(29) | $/oz prod. | - | (83) | (121) | (531) | - | - | (68) | |
AOD adjustments(29) | $/oz prod. | - | 18 | - | - | - | - | 3 | |
Net Cash Costs | $/oz prod. | 41 | 1,090 | 963 | (69) | 1,097 | - | 613 | |
Gold Sold | oz | 848,959 | 391,339 | 760,724 | 37,271 | 104,449 | - | 2,142,741 | |
Adjusted operating costs(30) | $/oz sold | 42 | 1,088 | 961 | (76) | 1,087 | - | 608 | |
Corporate general & administrative costs(31),(32) | $/oz sold | - | - | - | - | - | 38 | 38 | |
Reclamation and remediation costs | $/oz sold | 4 | 4 | 5 | 90 | 24 | - | 7 | |
Production stripping | $/oz sold | - | 83 | 124 | 555 | - | - | 68 | |
Advanced operating development | $/oz sold | - | (18) | - | - | - | - | (3) | |
Capital expenditure (sustaining) | $/oz sold | 111 | 55 | 111 | 1,075 | 125 | 8 | 126 | |
Exploration (sustaining) | $/oz sold | 1 | 22 | 1 | 6 | 28 | - | 6 | |
Leases (sustaining) | $/oz sold | 2 | 47 | 4 | 53 | - | - | 12 | |
All-In Sustaining Cost | $/oz sold | 160 | 1,281 | 1,206 | 1,703 | 1,264 | 46 | 862 | |
Growth and development costs(32) | $/oz sold | - | - | - | 64 | - | 6 | 8 | |
Capital expenditure (non-sustaining) (33) | $/oz sold | 236 | - | 73 | 22 | - | 6 | 127 | |
Exploration (non-sustaining) | $/oz sold | 1 | 4 | - | 280 | - | 41 | 46 | |
Leases (non-sustaining) | $/oz sold | 2 | - | - | - | - | - | 1 | |
All-In Cost | $/oz sold | 399 | 1,285 | 1,279 | 2,069 | 1,264 | 99 | 1,044 | |
Depreciation and amortisation(34) | $/oz sold | 192 | 215 | 388 | 1,268 | 315 | 10 | 301 | |
All figures are shown at 100%, except for Red Chris which is shown at 70%. AISC and AIC may not calculate based on amounts presented in these tables due to rounding.
Corporate Information
Board
Peter Hay Non-Executive Chairman
Sandeep Biswas Managing Director and CEO
Gerard Bond Finance Director and CFO
Philip Aiken AM Non-Executive Director
Roger Higgins Non-Executive Director
Sally-Anne Layman Non-Executive Director (appointed
Xiaoling Liu Non-Executive Director (has resigned with effect immediately after
Vickki McFadden Non-Executive Director
Peter Tomsett Non-Executive Director
Company Secretaries
Registered & Principal Office
Level 8,
Telephone: +61 (0)3 9522 5333
Facsimile: +61 (0)3 9522 5500
Email: corporateaffairs@newcrest.com.au
Website: www.newcrest.com
Stock Exchange Listings
PNGX Markets Limited (Ticker NCM)
New York ADR's (Ticker NCMGY)
Forward Shareholder Enquiries to:
Australia:
Link Market Services
Tower 4, 727 Collins Street
Docklands,
Australia
Telephone: 1300 554 474
+61 (0)2 8280 7111
Facsimile: +61 (0)2 9287 0303
Email: registrars@linkmarketservices.com.au
Website: www.linkmarketservices.com.au
P.O. Box 700, Station B
Canada
Telephone: +1 800 387 0825
Email: inquiries@astfinancial.com
Website: www.astfinancial.com
Substantial Shareholder(s)(35) at
BlackRock Group 10.2%
Van Eck Associates Corporation 5.1%
The Vanguard Group 5.0%
Issued Share Capital
At
Quarterly Share Price Activity
High | Low | Close | |
A$ | A$ | A$ | |
Jul – Sep 2020 | 36.53 | 30.69 | 31.24 |
Forward Looking Statements
This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "targets", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause
Forward looking statements are based on
Non-IFRS Financial Information
These measures are used internally by
Technical and Scientific Information
The technical and scientific information contained in this document relating to Wafi-Golpu and Lihir was reviewed and approved by
Authorised by the Newcrest Disclosure Committee
This information is available on our website at www.newcrest.com
Appendix
Reconciliation of
Gold production | Metric | FY20 | ||
Gold production - | oz | 472,929 | 573,175 | 2,154,696 |
Gold production - Fruta del Norte (32%)(37) | oz | 30,160 | - | 16,422(38) |
Gold production | oz | 503,089 | 573,175 | 2,171,118 |
All-In Sustaining Cost | Metric | FY20(36) | ||
All-in Sustaining Cost – | $m | 498 | 493 | 1,848 |
All-in Sustaining Cost – Fruta del Norte (32%)(37) | $m | 24 | - | - |
All-In Sustaining Cost | $m | 522 | 493 | 1,848 |
Gold ounces sold – | oz | 502,907 | 562,185 | 2,142,741 |
Gold ounces sold – Fruta del Norte (32%)(37) | oz | 30,160 | - | - |
Total gold ounces sold | oz | 533,067 | 562,185 | 2,142,741 |
All-In Sustaining Cost – | $/oz | 990 | 878 | 862 |
All-In Sustaining – Fruta del Norte (32%)(37) | $oz | 810 | N/A | N/A |
All-In Sustaining Cost | $/oz | 980 | 878 | 862 |
All-In Sustaining Margin | Metric | FY20 | ||
Realised gold price(39) | $/oz | 1,837 | 1,646 | 1,530 |
All-In Sustaining Cost – | $/oz | 990 | 878 | 862 |
All-In Sustaining Cost margin | $/oz | 847 | 768 | 668 |
(1) | Includes 30koz and an estimated reduction of |
(2) | |
(3) | See information under heading "Non-IFRS Financial Information" on Page 15 of this report for further information. |
(4) | The achievement of guidance is subject to market and operating conditions. |
(5) | The figures shown represent |
(6) | The figures shown represent 100%. Prior to the divestment on |
(7) | The figures shown represent |
(8) | Total Recordable Injury Frequency Rate (injuries per million hours). TRIFR for FY20 includes safety results for Red Chris from acquisition. Excluding Red Chris, TRIFR for FY20 was 2.1. |
(9) | Due to the negligible impact of Fruta del Norte on |
(10) | From Newcrest's operations only and does not include |
(11) | Realised metal prices are the US$ spot prices at the time of sale per unit of metal sold (net of Telfer gold production hedges), excluding deductions related to treatment and refining charges and the impact of price related finalisations for metals in concentrate. The realised price for the June and September quarters and for FY20 has been calculated using sales ounces generated by |
(12) | Stage 2 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±10-15%. The findings in the Study and the implementation of the |
(13) | AISC margin calculated with reference to the Group average realised gold price. |
(14) | The figures shown represent |
(15) | Mine production for open pit and underground includes ore and waste. |
(16) | Includes development tonnes from the Cadia East PC2-3 project. Costs associated with this production were capitalised and are not included in the AISC or AIC calculations in this report. |
(17) | Due to timing of Lundin Gold's September quarterly report, |
(18) | Group AISC is for |
(19) | Includes deductions related to treatment and refining charges for metals in concentrate |
(20) | Represents adjustment for ore inventory movements, removal of production stripping costs and movement in |
(21) | Adjusted operating costs represents net cash costs adjusted for finished goods inventory movements, divided by ounces sold |
(22) | Corporate general & administrative costs includes share-based remuneration |
(23) | Costs of this nature were previously reported within Corporate Costs. In accordance with the updated |
(24) | Represents spend on major projects that are designed to increase the net present value of the mine are not related to current production. Significant projects in the current period include key expansion projects at Cadia (including PC2-3 development and the molybdenum plant). |
(25) | Depreciation and amortisation of mine site assets is determined on the basis of the lesser of the asset's useful economic life and the life of the mine. Life-of-mine assets are depreciated according to units of production and the remainder on a straight line basis. Depreciation and amortisation does not form part of All-In Sustaining Cost or All-in Cost with the exception of amortisation on reclamation and remediation (rehabilitation) assets |
(26) | As announced on |
(27) | Due to the negligible impact of Fruta del Norte's AISC on |
(28) | Includes deductions related to treatment and refining charges for metals in concentrate |
(29) | Represents adjustment for ore inventory movements, removal of production stripping costs and movement in |
(30) | Adjusted operating costs represents net cash costs adjusted for finished goods inventory movements, divided by ounces sold |
(31) | Corporate general & administrative costs includes share-based remuneration |
(32) | Costs of this nature were previously reported within Corporate Costs. In accordance with the updated |
(33) | Represents spend on major projects that are designed to increase the net present value of the mine are not related to current production. Significant projects in the year include key expansion projects at Cadia (including PC2-3 feasibility study and the molybdenum plant). |
(34) | Depreciation and amortisation of mine site assets is determined on the basis of the lesser of the asset's useful economic life and the life of the mine. Life-of-mine assets are depreciated according to units of production and the remainder on a straight line basis. Depreciation and amortisation does not form part of All-In Sustaining Cost or All-in Cost with the exception of amortisation on reclamation and remediation (rehabilitation) assets |
(35) | As notified to |
(36) | No production was reported for Fruta del Norte in the June quarter due to the temporary suspension of operations following concerns of a spread of COVID-19 in |
(37) | Due to timing of Lundin Gold's September quarterly report, |
(38) | |
(39) | Realised metal prices are the US$ spot prices at the time of sale per unit of metal sold (net of Telfer production hedges), excluding deductions related to treatment and refining charges and the impact of price related finalisations for metals in concentrate. The realised price for the |
SOURCE
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