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
per ounce and total cost of
per ounce, following production in the
quarter of 642,032 ounces of gold and 22,818 tonnes of copper.
The production performance for the
quarter represents a 25% increase in gold production and a 20% increase in copper production over the
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
quarter. The development of Panel Cave 2 continued in line with the Company's expectations.
ore production was maintained at a rate of 8Mtpa.
At Lihir, the plant performed in line with the Company's expectations during the
quarter. The projects to expand flotation capacity and to refurbish the Neutralisation Cyanidation Adsorption (NCA) circuit were both completed in the
quarter. Increased production at Gosowong and Telfer during the
quarter was primarily associated with higher gold grades. At
, the crusher at the front of the overland conveyor commenced commissioning.
Exploration continued during the
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.