Australia's Newcrest gold output rises on Cadia mine boost (updated)

Iodm

24/07/2023 23:58

(Adds details in paragraph 2-5)
       July 25 (Reuters) - Australia's largest gold miner
Newcrest Mining Ltd  NCM.AX  on Tuesday reported a 9.1%
sequential rise in fourth-quarter gold output, as easing
production snags at its flagship Cadia mine in New South Wales
drove a rebound in production.
    Lower planned and unplanned maintenance at Cadia boosted
mill throughput, with production rising nearly 14% sequentially,
bouncing back after a drop in the previous quarter.    
    Newcrest's Lihir mine in Papua New Guinea also recorded an
8.2% sequential rise in production.
        The gold miner, which is currently the subject of a
A$26.2 billion  ($17.65 billion) takeover offer from Newmont
Corp  NEM.N , produced 556 kilo ounces (koz) of the yellow metal
in the three months ended June 30, below a Visible Alpha
consensus estimate of 584 koz. 
        It produced 510 koz of gold in the third quarter, and
637 koz a year earlier.    
   



($1 = 1.4841 Australian dollars)

 (Reporting by Echha Jain and Ayushman Ojha in Bengaluru;
Editing by Devika Syamnath)
 ((Ayushman.Ojha@thomsonreuters.com;))