Newcrest has released its September quarterly report, announcing the safe completion of planned maintenance across its operations.
The company reported gold production of 454,312 ounces (oz) and copper production of 30,624 tonnes across the three months.
Newcrest’s all-in sustaining cost (AISC) was $1397/oz, delivering an AISC margin of $470/oz, which was 18 per cent higher than the previous quarter.
Gold production from the company’s Cadia mine in New South Wales reached 122,663oz with an AISC of $419/oz.
Newcrest’s Telfer mine in Western Australia recorded gold production of 83,729oz, with an AISC of $1667/oz.
Internationally, the company’s Lihir mine in Papua New Guinea produced 141,022oz of gold, and Brucejack and Red Chris in Canada produced 63,956oz and 7034oz respectively.
Planned shutdowns across its operations led to lower yields for Newcrest across the quarter, with the company expecting an uptick next year.
Newcrest also gave an update on its Havieron project it owns in a joint venture with Greatland Gold.
The company said development of the exploration decline continued during the quarter with 2824 metres complete as of October 8.
A feasibility study on the project also continued to assess options for maximising value and reducing project risk during the quarter.
Newcrest’s report also focused on its recent $26.2 billion acquisition by Newmont, which was voted in favour of by both companies last week.
The scheme to acquire Newcrest was set to appear before the Federal Court yesterday which, if approved, is expected to become effective today October 18 and be implemented on November 6.
“In October, Newcrest shareholders and Newmont stockholders voted in favour of the proposed acquisition of Newcrest by Newmont by way of a scheme of arrangement,” Newcrest interim chief executive officer Sherry Duhe said.
“The Newcrest directors have also determined to pay a fully franked special dividend of $US1.10 per Newcrest share held, subject to the scheme becoming effective. The dividend is expected to be paid on October 27.”