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Newcrest Mining Limited - Quarterly Report For The Three Months Ending 30 September 2013

MELBOURNE, Australia, Oct. 17, 2013 /CNW/ - Newcrest Mining Limited ("Newcrest") (ASX: NCM) is pleased to announce its quarterly report for the period ended 30 September 2013.

(these figures are unaudited*)

Key Points

  • Quarterly gold production of 586,573oz (27% above September 2012 quarter; 9% below June 2013 quarter)
  • Quarterly copper production of 19,632t (6% above September 2012 quarter; 14% below June 2013 quarter)
  • Average realised gold price for the Quarter of A$1,442/oz
  • An All-In Sustaining Cost^ for the Quarter of A$1,093/oz ( US$1,001/oz), below the 2013 financial year average
  • Group guidance for the 2014 financial year remains unchanged

Overview Newcrest's production for the September 2013 quarter was 586,573 ounces of gold and 19,632 tonnes of copper at an All-In Sustaining Cost of A$1,093 per ounce ( US$1,001 per ounce). Gold production for the quarter was below the June 2013 quarter (9%), as expected, and 27% higher than the prior corresponding period. At Cadia Valley, an 18% increase in mine production from the higher grade Cadia East Panel Cave 1 combined with consistent ore production from Ridgeway to deliver a 10% increase in gold production at a lower cash cost than the previous quarter. The development of Cadia East Panel Cave 2 progressed to plan during the quarter. Lihir transitioned to a significantly lower level of mining and material movement activity, with around 80% of mill feed sourced from stockpiles following the completion of the flotation plant capacity expansion. Reliability of the original plant continued to improve.

The Company maintained its focus on maximising free cash flow, with a range of initiatives to reduce operating and corporate costs and capital expenditure advanced during the quarter. The All-In Sustaining Cost for the September quarter was A$1,093 per ounce, which:

  • is A$190 per ounce (or 15%) lower than the 2013 financial year average of A$1,283 per ounce;
  • is US$1,001 per ounce, when translated at average exchange rates for the period; and
  • compares with the average realised gold price for the quarter of A$1,442 per ounce.

With the exception of Gosowong, each site achieved a reduction in All-In Sustaining Cost per ounce for the quarter as against its average All-in Sustaining Cost per ounce for the full 2013 financial year.

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