Australia-based Newcrest Mining Ltd’s gold production in the third quarter came in about 5 percent lower than in the prior quarter, hurt by lower production at most of its operations, including its flagship Cadia mine.
Total gold production for the country’s largest independent gold miner for the three months ended March 31 came in at 623,124 ounces, compared with 575,791 ounces a year ago. Production in the December quarter was 654,849 ounces, Newcrest said on Tuesday.
While planned shutdowns hit production at the Cadia mine in New South Wales, Australia, unplanned disruptions at the company’s second largest mine, Lihir, in Papua New Guinea, led to lower recoveries.
Newcrest expects production at Lihir to be at the bottom range of its 950,000-to-1.1 million-ounces target range in fiscal 2019.
