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Newcrest Mining (OTCPK:NCMGF) (OTCPK:NCMGY) reported late Tuesday its FQ2 gold production fell 2.8% Q/Q, due to lower mill throughput at the Lihir mine in Papua New Guinea and temporary suspension of operations at the Brucejack mine in Canada.
Australia’s largest gold miner said gold production in the quarter totaled 512,130 oz, lower than analyst consensus and compared to 527,115 oz in the previous period, while copper output edged higher to 34,564 metric tons from 32,459 tons the prior quarter, and its all-in sustaining cost fell slightly to $1,082/oz from $1,095/oz.
Drought conditions due to the La Niña weather pattern limited water supply to the Lihir mine, and a fatality at Brucejack resulted in a three-week suspension of operations in October, the company said, expecting gold production at both sites will increase in H2 of FY 2023.
Gold prices have been rising after a volatile 2022, hitting nine-month highs in recent trading.
