Australia's largest gold miner's output increases and production costs drop sharply
2014-01-23 12: 47: 20
Editor in charge: Catherine
(Newcrest Mining) Australia's largest gold mine producer Newcrest Mining increased its production in the fourth quarter of last year. Gold production in the 2014 fiscal year is expected to be at the higher end of its expected range, which is around 230 million ounces.
Production costs have always been the focus of the market. At the beginning of this year, Newcrest stated that the company's free cash flow may further improve this fiscal year, and the price of gold per ounce is expected to be 1450 Australian dollars.
Although the price of gold has been below A$1450 for the past six months, Newcrest has demonstrated its ability to cut production costs. The cost of gold production in the fourth quarter of 2013 was A$921 per ounce, which is higher than the cost of production in the previous quarter. 16% lower.
The increase in gold production is also a major reason for the reduction in production costs. Many analysts expect Newcrest to announce a positive result on Thursday. The gold miner revealed some production details for the fourth quarter on January 1.
So far this fiscal year, Newcrest has produced 120 million ounces of gold, so it will achieve its annual production target of 230 million ounces ahead of schedule. Newcrest said that the fourth quarter continued to take a series of cost-cutting measures, including reducing the workload of the Lihir mine and the Telfer open-pit mine.
Newcrest predicts that the cash flow in the next six months will further improve and the flow of working capital will be more favorable. On Thursday morning, gold was trading at $1236 per ounce, equivalent to 1396 Australian dollars per ounce.
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