Australia's Newcrest gold output falls 21% on maintenance shutdowns (updated)

Iodm

27/10/2021 23:13

(Adds details on production)
    Oct 28 (Reuters) - Newcrest Mining  NCM.AX  on Thursday
posted a 21.2% fall in first-quarter gold production as output
declined at its flagship Cadia mine and the Lihir operations in
Papua New Guinea due to maintenance activity. 
    Australia's largest listed gold miner said production of the
yellow metal fell to 396,214 ounces in the three months to Sept.
30, from 503,089 ounces a year earlier.
    But the company maintained its annual gold output forecast,
saying production of copper and gold would increase in the
fourth quarter due to lower planned shutdown activities.
    Gold miners had a strong 2020 as prices of the safe-haven
metal rose over 25% on pandemic-driven economic uncertainty, but
this year's recovery has pulled bullion down from those levels.
    Newcrest earlier this month estimated its production costs
would halve over the next decade while the copper output would
rise.
    Its copper production declined nearly 30% in the third
quarter.
    
    

 (Reporting by Savyata Mishra and Indranil Sarkar in Bengaluru;
Editing by Aditya Soni)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
7022132226;))