News Bulletin

Newcrest's Gold Production Increases

Friday, 23 Jul 2010
Newcrest Mining Ltd finished its financial year on a positive note after posting a 26 per cent increase in gold production to 526koz for the June Quarter. Copper production for the quarter was noted as being 2% higher than the previous quarter at just under 21kt.
 
Newcrest said that its full-year gold output is expected to rise 8 per cent to around 1.8moz with its full year copper production at 86.6kt, both of which are within the guidance range provided at the end of the March quarter. 
 
Operationally, the company’s Telfer Gold / Copper Project in Western Australia produced a record 188koz this quarter along with its Indonesian operation Gosowong, which produced a record 147koz. Newcrest said the Cadia East project in NSW was “progressing to schedule”, with its team and engineering resources essentially in place. The project is scheduled for first production in the second half of 2012 after receiving board approval in April this year.
 
Newcrest, which currently has a market capitalisation of A$16 billion and is Australia’s largest gold producer, expects to complete its $9 billion takeover of Lihir Gold Ltd by September.   The proposed takeover is scheduled to be heard in a Papua New Guinea court this week and the company’s management team will update the market on the hearing’s outcome as appropriate.
 
Sources: Bloomberg, Reuters and Newcrest website

     

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