Newcrest output climbs in June quarter
Australia's largest gold mining company Newcrest Mining Ltd (ASX:NCM) has reported a 26 per cent lift in gold production in the June quarter, boosted by record output at its Telfer and Gosowong sites.
Total gold production for the quarter was 526,131 ounces in the three months ended June 30.
Copper output increased 2 per cent for the quarter to 20,827 tonnes, although still 12 per cent lower than the same period last year.
Newcrest, which intends to finalise a $9 billion takeover of competitor Lihir Gold Ltd by September, said full-year gold production went up 8 per cent to 1.762 million ounces.
The company projects full-year gold output to range from 1.81 million to 1.91 million ounces in April.
Full-year copper output was within guidance at 86,574 tones,
Gross cash costs for the three months to June were $366 per ounce.
"Cost guidance was achieved at each site except for Hidden Valley where commissioning delays during the year extended the period of cost capitalisation until 1 May 2010," Newcrest said in a statement.
Gold output at the miner's Telfer site in Western Australia was a record 188,875 ounces.
Newcrest's Indonesian operation Gosowong hit a record 147,386 ounces.
The proposed merger of Newcrest and Lihir is due to be heard in a Papua New Guinea court this week.
"We will update the market on the outcome of that hearing as appropriate," Newcrest said.
At 1045am AEST, Newcrest shares climbed 0.81 per cent to $33.58, against a 0.2 per cent decline in the benchmark index.