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Newcrest Mining’s final quarterly report reveals poor performance

Newcrest Mining’s (ASX:NCM) final quarterly report as an independent company has revealed a disappointing three-month period, with gold and copper production declining due to maintenance work and lower grades at some mines.

The quarterly report was released during the final days of Newcrest’s independence before its acquisition by Newmont in the $A26 billion all-paper takeover offer.

Due to the decreased throughput, the miner stated that its costs had risen, especially the key gold cost measure, the All-In Sustaining Cost figure, which increased by 18% to $US1,397 per ounce.

Newcrest reported an 18.1% sequential decline in quarterly gold production, primarily due to maintenance shutdowns during the quarter.

Planned maintenance activities at the miner’s Cadia, Telfer, Brucejack, and Red Chris projects resulted in reduced throughput during the quarter.

In the three months, Newcrest produced 454,312 ounces (oz) of the precious metal, compared with 556,187 oz in the quarter ended June 30 and 527,225 ounces in the September 2022 quarter.

Australia’s largest gold miner reported that output from its key Cadia mine in New South Wales reached 122,663 oz, a 19.3% decrease from the previous quarter and down from 142,194 ounces a year ago.

Copper production totaled 30,624 tonnes in the latest quarter, down from nearly 35,000 in the June quarter and 32,459 tonnes in the June quarter of this year.

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