MELBOURNE, Victoria, July 25, 2013 /CNW/ - Newcrest Mining Limited (Newcrest) (ASX:NCM) (TSX: NM) is pleased to announce its quarterly report for the three months ended 30 June 2013 (these figures are unaudited*)
Newcrest's production for the 2013 financial year was 2,109,784 ounces of gold and 80,366 tonnes of copper at a cash cost of A$750 per ounce and total cost of A$1,040 per ounce, following production in the June 2013 quarter of 642,032 ounces of gold and 22,818 tonnes of copper.
The production performance for the June 2013 quarter represents a 25% increase in gold production and a 20% increase in copper production over the March 2013 quarter. This increase was principally driven by increased plant capacity at Lihir, the ongoing ramp-up of the Cadia East panel cave, and mining of higher grade stopes at Gosowong.At Cadia Valley, Cadia East continued to perform in line with the Company's expectations. Panel Cave 1 produced at an annualised rate of 5.4Mtpa for the June 2013 quarter. The development of Panel Cave 2 continued in line with the Company's expectations. Ridgeway ore production was maintained at a rate of 8Mtpa. At Lihir, the plant performed in line with the Company's expectations during the June 2013 quarter. The projects to expand flotation capacity and to refurbish the Neutralisation Cyanidation Adsorption (NCA) circuit were both completed in the June 2013 quarter. Increased production at Gosowong and Telfer during the June 2013 quarter was primarily associated with higher gold grades. At Hidden Valley, the crusher at the front of the overland conveyor commenced commissioning. Exploration continued during the June 2013 quarter with positive drilling results at Gosowong, Telfer and Wafi Golpu. As announced in previous Company releases, Newcrest is focused on maximising free cash flow and production outcomes will reflect the Company operating in this manner. Newcrest has responded to the current market environment by reducing the production of high cost ounces, operating and corporate costs, capital expenditure and exploration activities.