- Write by:
-
Wednesday, January 25, 2023 - 23:32:30
-
154 Visit
-
Print
Mining News Pro - Australia’s Newcrest Mining said on Wednesday gold production fell 2.8% in the second quarter from the first, missing analyst expectations, after operations were suspended at its Brucejack operations in Canada following a fatality.
In late October, the gold miner confirmed the death of a worker at its Brucejack mine. The resulting three week operational suspension during a safety review led to a 38% drop in production on the quarter before to 52,000 ounces.
Australia’s largest gold miner also said drought conditions due to the La Niña weather pattern kept limiting water supply to the Lihir mine in Papua New Guinea, hurting gold production for the second straight quarter. Unplanned downtime at the plant also hit output.
“We remain confident in delivering a stronger operating performance through the second half of FY23,” Interim Chief Executive Officer, Sherry Duhe said.
Duhe, formerly Newcrest’s chief financial officer, stepped in after Sandeep Biswas announced his retirement in late December.
Newcrest maintained full-year guidance of 2.1-2.4 million ounces, with healthy gold and copper pricing, favourable exchange rates and production growth expected to drive a better performance in the second half of the financial year.
The miner produced 512,130 ounces (oz) of the precious metal in the three months to Dec. 31, compared with 527,115 oz in the September quarter, coming in well below Citi estimate of 552,700 oz.
Al-in sustaining costs fell 1% for the quarter to $1,082/oz as production costs eased at the Cadia mine in New South Wales
Gold miners had a volatile 2022, as bullion prices were swayed by a global rise in interest rates, and fears of an impending recession. Spot gold rose nearly 10% in the December quarter.
The company’s quarterly copper output rose to 34,564 tonnes from 32,459 tonnes in September quarter. Shares eased 0.4% to A$23.30.
Short Link:
https://www.miningnews.ir/En/News/622620
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
No comments have been posted yet ...