Newcrest mining Quarterly Report For the three months ended 31 December 2022.

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Algemeen advies 25/01/2023 07:01
On track to deliver FY23 guidance as key growth projects advance to execution
? Solid second quarter with gold and copper production expected to increase in the March 2023 quarter1,2
o Gold production of 512koz3
and copper production of 35kt
o All-In Sustaining Cost (AISC) of $1,082/oz3
, delivering an AISC margin of $591/oz4
? Advancing multiple gold and copper growth options
o Cadia PC1-2 Feasibility Study approved to execution with an estimated IRR of 18% and NPV of US$1.4
billion over a 16 year mine life5,6,7,8

o Lihir Phase 14A Feasibility Study findings released and expected to deliver ~400koz of incremental gold
production over the next 4 years9,10
o West Dome Stage 8 cutback underway, extending Telfer’s mine life into early FY2511
o Red Chris Block Cave Feasibility Study expected to be completed in H1 FY2411 as further optimisation
opportunities are evaluated, with no impact to development timelines expected
o Brucejack transformation program continues to deliver positive results with the debottlenecking concept
study progressed to Pre-Feasibility
o Strong drilling results continue to expand the higher grade footprints at Brucejack, Red Chris and Havieron
? Corporate updates
o Sherry Duhe assumed the role of Interim Chief Executive Officer effective 18 December 2022 following the
announcement that Sandeep Biswas is retiring
o Gold prepay credit facility repaid early with $173 million received from Lundin Gold
Newcrest Interim Chief Executive Officer, Sherry Duhe, said, “We were deeply saddened by the tragic fatality at our
Brucejack mine in October. An extensive safety review has been conducted across all activities at site to identify
major hazards and corresponding critical controls and we are applying these learnings across the business as we
remain steadfastly focused on the health and safety of our people.
“Today we released the findings of the Phase 14A Feasibility Study, taking another step forward in realising the full
potential of Lihir as we pursue the upside potential from unlocking additional high grade mineralisation outside Lihir’s
current Ore Reserve. In November, we released the findings of the Cadia PC1-2 Feasibility Study, which further
highlighted Cadia’s position as a world class, long life, gold and copper producer. We were also delighted to extend
the life of Telfer with approval of the West Dome Stage 8 cutback.
“In January, we received $173m through the early repayment of our gold prepay credit facility by Lundin Gold,
providing us with additional near-term financial flexibility. With the Red Chris Block Cave Feasibility Study expected
to be released later this calendar year and another quarter of impressive drilling results across our key projects, our
unique pipeline of gold and copper growth opportunities continues to set us apart from our peers.”
“Following a solid start to the year we remain confident in delivering a stronger operating performance through the
second half of FY23. With the continued strong momentum in gold and copper pricing, a competitive cost structure
assisted by favourable exchange rates, and clear progress across our key growth projects, Newcrest is very well
positioned to deliver superior returns for our shareholders,” said Ms Duhe.
Newcrest Mining Limited – Level 8, 600 St Kilda Road, Melbourne – – Quarterly Report to 31 December 2022 2
Gold production was 3% lower than the prior period12 driven by lower mill throughput at Lihir with drought conditions
continuing to limit water supply to the plant, and the temporary suspension of operations at Brucejack following the
fatality in October 2022. Red Chris production also decreased during the quarter, driven by lower recovery and mill
throughput. This was largely offset by higher gold production at Cadia and Telfer with the planned maintenance
schedule at both sites completed in the prior period.
Newcrest remains on track to deliver its full year production guidance for FY232
. Gold production at Lihir and
Brucejack are expected to increase in the second half of FY23 driven by higher mill throughput across both sites
(subject to increased rainfall at Lihir)11. Following the water restrictions and unplanned mill downtime events
experienced at Lihir and the Brucejack fatality, both operations are anticipated to deliver at the lower end of their
production guidance ranges for FY2311
Newcrest’s AISC of $1,082/oz3
for the quarter was 1% lower than the prior period, reflecting a higher proportion of
lower cost ounces produced at Cadia, a higher realised copper price and the benefit of a weakening Australian and
Canadian dollar against the US dollar on operating costs. This was partly offset by lower production at Lihir, Brucejack
and Red Chris driving a decrease in sales volumes across these sites compared to the prior period.
Injury rates decreased during the quarter, however, the fatality at Brucejack is a tragic reminder of the ongoing focus
on safety that must be maintained at all times to ensure everybody goes home safe and healthy every day. Injury
rates were reviewed during the quarter with the previously reported frequency rates at Brucejack and the Group restated following an internal review.

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