Troubled miner Newcrest Mining Limited (ASX:NCM) has met its lowered production target for the 12 months to the end of June 2013.
The company produced 2.11 million ounces of gold in fiscal 2013 and expects to produce between 2 million and 2.3 million ounces in the following financial year.
The company produced 80,366 tonnes of copper in fiscal 2013 and expects to produce between 75,000 to 85,000 tonnes in the following financial year.
Over the last financial year the company produced its gold at a total cost of $US1,040 an ounce. The gold price is now sitting at around $US1,300 an ounce.
Newcrest says it will continue to actively manage production and costs to target a free cash flow neutral or positive outcome for the company in the current financial year.
Newcrest Mining reported a net profit of $339 million in the first half of the 2013 financial year.
