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Newcrest Mining FY Gold Production Down

Australia's Newcrest Mining Ltd (NCM.AX,NCMGF.PK,NCMGY.PK) reported that its gold production for fiscal year 2021 declined to 2.09 million ounces from 2.17 million ounces in the previous year.

Gold production for the fourth-quarter was 6% higher than the prior period driven by a strong performance from Cadia and Telfer. Lihir's gold production was 4% lower in the quarter due to unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said that a prohibition Notice has been lifted at the Cadia operation following a localised seismic event earlier this month. The company does not expect the disruption to impact gold and copper production in fiscal year 2022 and development and expansion works continue uninterrupted.

There were no material COVID-19 related events impacting gold production at Lihir during the financial year. However, the ability to attract labour, travel restrictions, contact tracing and associated isolation requirements has impacted total material mined. Delays have also been experienced on development projects and shutdown performance due to difficulty in mobilising and accommodating labour. There remains a risk of COVID-19 impacting production at Lihir and this continues to be closely managed.

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