Australia's Newcrest posts sequential fall in output on mine shutdowns (updated)

Iodm

29/04/2021 24:06

(Adds details on outages, realized gold price, background)
    April 29 (Reuters) - Newcrest Mining  NCM.AX  reported a 4%
sequential fall in third-quarter gold output on Thursday, hit by
planned maintenance and outages at its flagship Cadia mine and
its Lihir project in Papua New Guinea. 
    Australia's largest listed gold miner posted production of
512,424 ounces for the three months ended March 31, lower than
535,477 ounces in the previous quarter. But it beat an RBC
estimate of 491,539 ounces.
    Gold miners had a strong year in 2020 as the COVID-19
pandemic and accompanying economic uncertainty fuelled demand
for safe-haven assets, but bullion prices have retreated this
year as an economic recovery picks up steam.
    Newcrest's realised gold price in the quarter was $1,751 per
ounce, compared with $1,815 per ounce in the prior quarter. 
    Miners are also recording an uptick in costs related to
managing coronavirus outbreaks at projects, with Newcrest saying
in December it expected pandemic-associated costs to be between
$60 million and $70 million for the year.
    However, the company said on Thursday it had experienced no
material disruption to operations to date due to COVID-19.
    


 (Reporting by Arundhati Dutta and Rashmi Ashok in Bengaluru;
Editing by Devika Syamnath, Aditya Soni)
 ((Arundhati.dutta@thomsonreuters.com))