NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

UPDATE 1-Australia's Newcrest restarts output at part of quake-damaged gold mine

Published 13/09/2017, 10:51 am
© Reuters.  UPDATE 1-Australia's Newcrest restarts output at part of quake-damaged gold mine
NCM
-

* Newcrest restarts second part of its key gold mine

* Cadia mine was damaged by earthquake in April (Adds detail, outlook)

Sept 13 (Reuters) - Australia's Newcrest Mining Ltd NCM.AX on Wednesday said it had restarted production at a second part of its flagship Cadia gold mine, which was damaged in an earthquake in April.

Australia's largest independent gold miner said output had started in Cadia's 'Panel Cave 1', with production there expected to return to normal levels by the end of next March.

In April, an earthquake forced the company to suspend operations at the mine in eastern Australia, cutting production by half in the June quarter. Output at 'Panel Cave 2' began in July. continued suspension of some mining activity at Cadia - the company's biggest and lowest-cost source of gold - led to a 55-percent fall in gold output at the mine in the June quarter from the previous quarter.

Earlier this year, Newcrest had estimated production from Cadia in the September quarter to be above the June quarter, but said it would remain below pre-earthquake levels.

Remediation and upgrade work at the 'Panel Cave 1' is ongoing and is expected to be completed by the end of December, the company said in a statement to the Australian Securities Exchange on Wednesday.

Shares in Newcrest edged up in early trading on Wednesday, roughly in line with broader markets in the country.

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.