📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

UPDATE 1-Newcrest Mining meets 2017 gold, copper output targets

Published 24/07/2017, 09:43 am
UPDATE 1-Newcrest Mining meets 2017 gold, copper output targets
NCM
-
HG
-

(Adds details, full-year copper production)

July 24 (Reuters) - Newcrest Mining Ltd NCM.AX said on Monday its fourth quarter gold production fell 7.7 percent from a year ago after its flagship Cadia mine was hit by an earthquake, but output was just enough to meet its full-year target.

Production of 551,815 ounces of gold in the quarter helped Australia's biggest gold miner by market capitalisation reach annual output of 2.38 million ounces, at the low end of its target of 2.35 to 2.60 million ounces, in line with a warning in April.

A minor earthquake in April forced Newcrest to suspend operations at the Cadia mine in eastern Australia, cutting production at the site by more than half in the June quarter from the prior quarter.

The company anticipates production from Cadia in the September quarter to be above the June quarter, but expects output to remain below pre-earthquake levels as it continues repair work at the site.

The miner said last week production had restarted at one part of the mine and that a second panel remains on track for start-up this quarter.

Newcrest, which also operates mines in Papua New Guinea, Ivory Coast and Indonesia, posted full year copper production of 83,941 tonnes, within guidance of 80,000 to 90,000 tonnes for the year to June 2017.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.