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Newcrest Upgrades FY22 Gold Output, Cost Estimates

By Rhiannon Hoyle

 

Newcrest Mining Ltd. said it expects higher gold output than previously forecast this fiscal year following its takeover of Pretium Resources, and lower-than-anticipated costs because of a strong copper price and weakening Australian dollar.

The company also projected that major capital expenditure would be lower than expected because of disruptions from the Covid-19 pandemic.

The Australia-listed miner on Thursday said it now expects to produce between 1.925 million and 2.025 million troy ounces of gold in the year through June, up from an earlier forecast of 1.80 million-2.00 million.

It forecast all-in sustaining costs of between $1.85 billion-$1.95 billion, revised from $1.84 billion-$2.04 billion.

Newcrest estimated full-year capital expenditure of $1.435 billion-$1.520 billion, down from its earlier forecast of $1.545 billion-$1.725 billion.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

April 27, 2022 19:23 ET (23:23 GMT)

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