Newcrest posts solid production results, upgrades guidance

Newcrest has lifted its full-year production guidance after posting strong results in the December quarter.

The miner produced 577,110 ounces of gold in the quarter, with both Cadia and Telfer mines exceeding production expectations.

Full-year gold production guidance has been raised to between 2.3 million and 2.5 million ounces as a result.

In copper, the miner produced 25,508 tonnes in the December quarter which has raised full-year guidance to between 90,000 to 100,000 tonnes.

During the quarter, ramp up of Newcrest’s new Cadia East gold mine continued, with panel cave 1 successfully breaking through to the surface in October.

Newcrest also said a number of concrete roads had been completed and two high capacity loaders delivered in the quarter.

Meanwhile the development of Cadia East panel cave 2 continued during the quarter with the on-going expansion of the undercut and extraction levels on or ahead of plan.

At Telfer, higher mill throughput contributed to a four per cent increase in gold produced.

The company said underground mine ore production increased by 6 per cent, partially as a result of improvement initiatives including the reduction of re-entry times by implementing centralised blasting and improved blasting techniques.

Other improvement initiatives included reducing delays caused by secondary ventilation issues and improved shift change processes.

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