NEWCREST MINING LIMI

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Newcrest Says 1Q Gold Output Drops 12% on Planned Shutdowns

10/28/2020 | 04:50pm

By David Winning

SYDNEY--Newcrest Mining Ltd. said its first-quarter gold output fell 12% due to planned shutdowns at key operations, while forecasting an improved performance in the three months through December.

Newcrest reported production of 503,089 troy ounces of gold in the three months through September, down from 573,175 ounces in the final quarter of the 2020 fiscal year. Copper output was also weaker at 34,763 metric tons compared to 40,196 tons in the prior quarter.

All-in sustaining costs for the September quarter averaged US$980 an ounce, up 12% on the previous quarter, due partly to the stronger Australian dollar and Canadian dollar pushing up operating costs of its Cadia, Telfer and Red Chris operations. Lower gold production and an increase in stripping activity at the Lihir mine in Papua New Guinea and lower copper sales volumes also had an impact.

"We expect production to be higher in the December quarter and the company is on track to meet its fiscal 2021 production guidance," Chief Executive Sandeep Biswas said. "Our world-class Cadia asset continues to impress, reporting its lowest ever quarterly all-in sustaining cost of US$113 per ounce, equating to an AISC margin of US$1,724 per ounce for the quarter."

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

10-28-20 1749ET

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