Newcrest quarterly gold output misses estimates after fatality
New throughout, adds details, share price move
MELBOURNE Jan 25 (Reuters) - Australia's Newcrest Mining NCM.AX said on Wednesday gold production fell 2.8% in the second quarter from the first, missing analyst expectations, after operations were suspended at its Brucejack operations in Canada following a fatality.
In late October, the gold miner confirmed the death of a worker at its Brucejack mine. The resulting three weekoperational suspension duringa safetyreview led to a 38% drop in production on the quarter before to 52,000 ounces.
Australia's largest gold mineralso said drought conditions due to the La Niña weather pattern kept limiting water supply to the Lihir mine in Papua New Guinea, hurting gold production for the second straight quarter. Unplanned downtime at the plant also hit output.
"We remain confident in delivering a stronger operating performance through the second half of FY23," Interim Chief Executive Officer, Sherry Duhe said.
Duhe, formerlyNewcrest's chief financial officer,stepped in after Sandeep Biswas announced his retirement in late December.
Newcrest maintained full-year guidance of 2.1-2.4 million ounces, with healthy gold and copper pricing, favourable exchange rates and production growth expected to drive abetter performance in the second half of the financial year.
The miner produced 512,130 ounces (oz) of the precious metal in the three months to Dec. 31, compared with 527,115 oz in the September quarter, coming in well below Citi estimate of 552,700 oz.
Al-in sustaining costs fell 1% for the quarter to $1,082/oz as productioncosts eased at the Cadia mine in New South Wales
Gold miners had a volatile 2022, as bullion prices were swayed by a global rise in interest rates, and fears of an impending recession. Spot gold XAU= rose nearly 10% in the December quarter.
The company's quarterly copper output rose to 34,564 tonnes from 32,459 tonnes in September quarter. Shares eased 0.4% to A$23.30.
Reporting by Navya Mittal and Echha Jain in Bengaluru; Editing by Maju Samuel and David Gregorio
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。