Newcrest reports 31% quarterly gold increase, meets annual forecast

Australia’s largest gold producing company – Newcrest Mining – has reported a 30.8% increase in gold production during the fourth quarter of the Australian financial year.

ASX-listed Newcrest generated 637,032 ounces of the precious metal in the three months ending June 30, compared with 486,851 ounces in the previous quarter.

The improved performance was in part due to higher mill throughput at its Lihir and Cadia mines in Papua New Guinea and New South Wales respectively. Fewer COVID-19 disruptions also boosted output, according to the company.

“Newcrest delivered a strong fourth quarter to achieve our group gold production for the year. Over the last four quarters we have steadily increased our gold and copper production, driving lower group all-in sustaining costs [AISC] and delivering a record breaking annual cost performance at Cadia,” Chief executive Sandeep Biswas said in a statement.

In total, the Melbourne-based firm produced 1.96 million ounces (Moz) of gold in the 2022 financial year, coming in slightly above the lower range of its guidance which was between 1.93-2.03 Moz.

However, total copper production of 121,000 tonnes was 3% lower than guidance and the group’s AISC creeped up by 2% to AU$1,044 per ounce, reflecting the broader inflationary environment.

“As we move into FY23, we will continue to progress our exciting pipeline of organic growth projects, remaining focused on superior operational performance with an unwavering commitment to the health and safety of our people,” Biswas said.