Newcrest Mining (ASX:NCM) enjoys June quarter buoyed by gold rush

Company News

by Melissa Darmawan

Australia’s largest gold miner Newcrest Mining (ASX:NCM) saw a bright June quarter after gold output rose 6 per cent at an all-in-sustaining-cost (AISC) of US$797 per ounce, US$96 lower compared to the March quarter.

They produced 2.09 million ounces of gold for the year hitting production guidance of 1.95 million to 2.15 million ounces, posting 542,332 ounces of gold for the June quarter. Though when compared to FY20, production dipped by 3.6 per cent at 2.17 million ounces.

The drop in the all-in-sustaining-cost of US$96 per ounce was attributed to the higher copper sales volumes at Cadia, Telfer and Red Chris. Also higher realised copper price plus higher gold sales volumes at Telfer and Cadia contributed to this. Though the benefits were partially offset by the associated increase in treatment, refining and transportation costs and royalties.

The miner also noted that their flagship Cadia mine posted a record of all-in-sustaining-cost of negative US$377 per ounce.

Newcrest has set a goal of net zero carbon emissions by 2050.

Shares in Newcrest (ASX:NCM) are trading 0.04 per cent lower at $26.06.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.