Posted in | Gold | Copper | Mining Business

Newcrest Announces Jump in Production

Newcrest Mining Ltd. (ASX:NCM) has recorded a 32% increase in its Q4 2009/2010 production.

A year ago it produced 397,826 ounces of gold in the same quarter, and this year it produced 526,131 ounces of gold.

The largest Australian gold mining company saw this output increase as its mines in Australia, Indonesia and Papua New Guinea boosted production figures

The record production levels from Telfer and Gosowong mines were somewhat nullified by the initial high costs of production in the Hidden Valley operation in Papua New Guinea and the net cash costs also rose from $310/oz to $342/oz.

Newcrest Mining's copper production also went up by 2% as it hit 20,827 tonnes. It is also making progress on its merger with Lihir Gold and has the first court hearing in Papua New Guinea later today.

Lihir Gold Ltd is the second ranked producer of gold traded on the Australian stock exchange. The merger will create the fifth largest gold mining company in the world.

Shares in Newcrest closed the day down 1.17% to $32.92.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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