Newcrest Mining says its all-in sustaining price of gold manufacturing was up 20 per cent within the June quarter attributable to larger capital expenditures at three of its mines.
Newcrest stated on Tuesday it had an all-in sustaining price of $1,196 an oz. for the quarter, 20 per cent larger than the earlier quarter, attributable to expenditures on the Lihir mine in Papua New Guinea, Cadia mine in NSW and Red Chris mine in British Columbia, Canada.
For the quarter, Newcrest mined 556,187 ounces, up 9 per cent from the earlier quarter, however 5 per cent beneath consensus expectations.
For the fiscal 12 months, the group mined 2.1m ounces, assembly the decrease finish of steerage.
Newcrest missed its 2022/23 copper steerage of 135,000 to 155,000 tonnes, producing 133,149, primarily attributable to decrease mill throughput at Cadia and its Telfer mine in WA’s Great Sandy Desert.
RBC Capital Markets analyst Alex Barkley stated total it was a weak quarterly outcome, notably at Lihir, on Niolam Island in PNG.
“Overall we expect the stock to trade weaker on the soft quarter and lingering questions heading into the release of FY24 guidance,” Mr Barkley wrote.
At 10.42am AEST, Newcrest shares had been up 0.7 per cent to $26.68.
Australia’s largest gold miner has entered right into a $29 billion takeover scheme with the world’s greatest gold miner Newmont.
The scheme is predicted to be put to Newcrest shareholders in October and, if accredited, is predicted to be applied by year-end.
Source: www.perthnow.com.au
