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Newcrest FY22 Gold Production Down On-Year, Costs Up

By Rhiannon Hoyle

 

Newcrest Mining Ltd. said full-year gold production was 6.6% weaker than a year earlier, in line with the company's forecast, and that costs increased despite recent quarter-on-quarter improvements.

The Australia-based miner on Thursday reported gold output of nearly 1.96 million troy ounces in the year through June, down from more than 2.09 million the year prior. Newcrest had previously estimated it would produce between about 1.93 million and 2.03 million ounces.

The company reported so-called all-in sustaining costs, a measure intended to reflect the full cost of gold mining, of $1,044 an ounce. That was up from $911 an ounce the year prior.

Still, its fourth-quarter cost of $896 an ounce was materially down from its first quarter cost recorded at $1,269 an ounce.

Newcrest said the improvement was underpinned by rising gold and copper sales volumes and a weakening Australian dollar versus the greenback.

 

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

 

(END) Dow Jones Newswires

July 20, 2022 19:14 ET (23:14 GMT)

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