- Write by:
-
Wednesday, April 26, 2023 - 19:04:13
-
211 Visit
-
Print
Mining News Pro - Takeover target Newcrest Mining on Thursday reported lower third-quarter gold output after facing production difficulties at its Cadia project in Australia, missing a consensus forecast by nearly 10%.
Newcrest is currently in the middle of a takeover by Newmont Corp, which has been provided with access to the Australian miner’s books after Newmont made a best-and-final takeover offer of A$29.4 billion ($19.66 billion).The miner posted a third-quarter gold output of 509,637 ounces (oz) of the precious metal, marginally below the 512,130 oz produced in the December quarter.
Consensus compiled by data provider Visible Alpha had estimated that the company would produce 568,000 oz of gold for the reported quarter, according to Sydney investment bank Barrenjoey.
Shares of the gold miner were down 0.8% at A$28.87, as at 0032 GMT.
Cadia’s drop in output came after a breakdown of concentrate filter pressers at its dewatering facility, as the operations underwent maintenance over the quarter, which kept a lid on production.
Newcrest, however, expects to meet its full-year outlook of between 2.1 million oz and 2.4 million oz, as its gold and copper production increased in the June quarter on the back of increased mill throughput across operations.
The miner now expects output from Brucejack project in Canada at about 300,000, below prior forecast of between 320,000 oz and 370,000 oz, and expects output from Lihir mine in Papua New Guinea at the lower end of the forecast range of 720,000 oz to 840,000 oz.
“We expect gold and copper production to increase in the June quarter and remain on track to deliver a strong FY23 result, supported by continued momentum in gold and copper prices,” interim chief executive officer Sherry Duhe said.
All-in sustaining costs of the miner fell to $1,012/oz for the quarter from $1,082/oz in previous quarter as Newcrest lowered by 30% its capital expenditure forecast due in part to the timing of its spending plans.
It now sees capex for the year at $1,085 million-$1,245 million from $1,420-$1,630 million.
Newcrest is currently in the middle of a takeover by Newmont Corp, which has been provided with access to the Australian miner’s books after Newmont made a best-and-final takeover offer of A$29.4 billion ($19.66 billion).
Short Link:
https://www.miningnews.ir/En/News/622864
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
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 ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
No comments have been posted yet ...