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.