Newcrest output dips

PERTH (miningweekly.com) - Gold miner Newcrest Mining has reported an 18% fall in gold production for the three months to September, on the back of planned maintenance shutdowns.

Gold production in the September quarter reached 454 312 oz, down from the 556 187 oz produced in the June quarter, while copper production fell from 34 978 t to 30 624 t in the same period. Silver production also declined from 406 505 oz to 335 372 oz.

“The September quarter delivered gold production of 454 000 oz and copper production of 31 000 t following routine planned maintenance activities across our operations,” said Newcrest interim CEO Sherry Duhe.

Cadia contributed 21 560 oz of gold during the quarter under review, as well as 21 560 t of copper, with Telfer producing 83 729 oz of gold and 4 698 t of copper.

The Lihir operation, in Papua New Guinea, contributed 141 022 oz of gold, with Brucejack, in Canada, contributing 63 956 oz of gold, while Red Chris, also in Canada, contributed 7 034 oz of gold and 4 367 t of copper.

The Fruta del Norte gold operation, in Ecuador, contributed a further 35 908 oz during the September quarter.

Meanwhile, group all-in sustaining costs for the quarter were higher at A$1 397/oz, up from the A$1 187/oz.

“In October, Newcrest shareholders and Newmont stockholders voted in favour of the proposed acquisition of Newcrest by Newmont by way of a scheme of arrangement. If the scheme is approved by the Federal Court of Australia today, it is expected to become effective on October 18, 2023 and be implemented on November 6, 2023,” said Duhe.

“The Newcrest directors have also determined to pay a fully franked special dividend of $1.10 per Newcrest share held, subject to the scheme becoming effective. The dividend is expected to be paid on October 27, 2023.

“On behalf of the board and management team, I would like to extend our sincere thanks to all our stakeholders for their outstanding contributions to the success of Newcrest. Leading the Newcrest team has been a great privilege, and as the next chapter of Newcrest’s story unfolds, I very much look forward to seeing the growth and development of our world-class portfolio of gold and copper assets as part of the combined group,” said Duhe.