Gold and Copper Miner, Newcrest Mining Reports Boost in Output
Newcrest Mining, the Australia based gold and copper miner reported a 0.7 percent boost in output to 2.4 million ounces in this financial year. In the June quarter, production dropped 6 percent compared to the March quarter.
According to the miner, June quarter's output drop was mainly attributed to an extended suspension in production in Indonesia's Gosowong mine due to "geotechnical event" in February. One miner was trapped underground in this mine and was later rescued successfully.
The mining company said it has could cut production costs by 2.3 percent to $US762. The company's profit margins dropped by 8.4 percent to $US404 an ounce as weaker gold prices remained in the financial year 2016.
Margins of Newcrest in the June quarter climbed to $US468 per ounce as the average gold price realized was a higher $US1, 255 an ounce.
Sandeep Biswas, Newcrest's chief executive said, "We have delivered a solid performance considering the challenges we have experienced at some sites. We look forward to safely building upon this performance with the continued ramp up of Cadia East and our ongoing operational improvements at Lihir."
Share price of Newcrest dropped 2.6 percent at $23.42, but it was not only for the particular miner as shares of other gold miners was also trading lower with a slip in prices of the precious metal at $US1,317 per ounce.
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