Newcrest Mining increases gold production

Gold production remains positive for Newcrest Mining, which has recently released its latest quarterly figures. During the three months to March 31, the company mined 610,186 ounces of the precious metal, with the average realised price standing at $1,556 per ounce.

Cadia East remained a standout performer for the company, which has also seen success at both Bonikro and Lihir. One particular success for Newcrest Mining was the commissioning of its final underground crusher at Cadia East, potentially improving levels of production even further.

Over the three-month period, gold production at Cadia East stood at 121,592 ounces, up from the 102,347 ounces mined during the previous quarter. An application has now been made to the New South Wales Department of Planning and Environment to increase the plant’s upper processing limit from 27 million tonnes a year to 32 million tonnes.

The company has assured investors that any increase in capacity will need to be approved by the board at Newcrest, as well as be subject to further feasibility studies. Cadia East is already home to one of the world’s largest gold deposits. It is estimated that around 37 million ounces of gold are at the site, which is currently being excavated using a block cave underground mining method.

Newcrest Managing Director and Chief Executive Officer Sandeep Biswas explained how the first quarter of 2015 had largely been positive for the business.

“Newcrest continued to pay down debt from free cash flow generated in the period, including the proceeds from the partial sale of our stake in Evolution,” said Mr Biswas.

“Lihir showed some improvement in the quarter as part of a staged and structured improvement strategy focusing on plant reliability, stability and intensity.”

Newcrest currently operates mines in four countries, with an emphasis on growing productions and reserves, lowering costs and using capital in the most efficient way.

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