Newcrest Quarterly Gold Output Rises 17%

By FeaturesDow Jones Newswires

Newcrest Mining Ltd. (NCM.AU) said gold output rose by 17% in its fiscal second quarter, as the miner ramped up production following earlier plant shutdowns at several sites.

The Australian company produced about 613,000 troy ounces of the precious metal in the three months through December, up from almost 523,000 ounces in the prior quarter and roughly in line with the 615,000 ounces dug up in the same period a year earlier.

Continue Reading Below

Chief Executive Sandeep Biswas said all but one of Newcrest's operations produced more ounces than the quarter before, although the company's huge Lihir operation in Papua New Guinea experienced some disruptions that hindered its rate of improvement.

The miner has been increasing output at Lihir and at its Telfer operation in Western Australia following a series of plant shutdowns. Gold mining at Newcrest's Cadia site in eastern Australia was also last year disrupted by an earthquake.

The miner stuck with production guidance for the fiscal year, forecasting output from its mines to rise in its second half.

Write to Rhiannon Hoyle at

(END) Dow Jones Newswires

January 29, 2018 17:10 ET (22:10 GMT)

Continue Reading Below