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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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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