Newcrest lifts gold output

Newcrest Mining has posted a 10 per cent lift in gold production for the June quarter.

Newcrest produced 674,000 ounces of gold in the June quarter, a 10 per cent rise compared to the March quarter.

This helped the miner lift its FY15 gold production by 1 per cent to 2.42 million ounces.

Newcrest said it received an average realised gold price of $1,532 an ounce during the June quarter, with all-in sustaining costs of $978.

The miner’s copper production fell by 9 per cent in the June quarter, but for FY15 copper output rose by 12 per cent to 96,816 tonnes.

Newcrest said the results meant the company had now posted nine quarters of meeting or exceeding group production guidance.

However Newcrest CEO, Sandeep Biswas, said the miner’s performance was overshadowed by two fatalities.

One worker died at Telfer mine in May, while the second fatality occurred at Hidden Valley mine in Papua New Guinea last weekend.

“I extend my deepest condolences to the families, friends and work colleagues affected by these events,” Biswas said.

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