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Newcrest's Gold Production Back on Track

Newcrest Mining had good news to share in its quarterly gold production report. The fourth quarter production of Australia’s biggest gold producer has rebounded 16% despite the problems being faced at its Hidden Valley and Lihir Mines.

The rise in production brings it in line with its annual production forecast. The company said that production of gold in the fourth quarter was 700,124 ounces. The production costs however, were also higher.

The annual gold production rose 53% compared to last year at 2.7 million ounces. The spot price for gold has also climbed up more than 10% since the beginning of the year. It is currently at approximately $1,600 per ounce of gold.

The world’s largest producer of gold, Barrick Gold has a production guidance in the range of 7.6 million to 8 million ounces for this year. Newmont Mining which is the second largest gold producer in the world has also forecast a production in excess of 5.1 million ounces of gold for the year.

Newcrest Mining said that the higher production at its Cadia Valley and Gosowong mines contributed to the good quarterly production results. The company said in a statement that Hidden Valley and Lihir continue with minor production disruption while other sites have returned to planned production rates following previously advised production interruptions during the quarter.

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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