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Australia's Newcrest says Q4 gold output drops 16 pct
July 25, 2012 / 11:28 PM / 5 years ago

Australia's Newcrest says Q4 gold output drops 16 pct

SYDNEY, July 26 (Reuters) - Newcrest Mining, the world’s No.3 gold producer, on Thursday met its revised full-year production guidance, which was lowered in April after the company said it was struggling to meet targets.

Newcrest said cash margins remained strong at A$970 ($1,000)per ounce and cash costs were slightly below its guidance.

For the June quarter, Newcrest reported a 16 percent fall in production to 587,310 ounces of gold, taking fiscal 2012 output to 2.286 million ounces.

Output of 163,059 ounces from its flagship Lihir mine in Papua New Guinea was near the middle of company guidance of 150,000-180,000 ounces for the June quarter.

JP Morgan had forecast Newcrest would produce 2.29 million ounces for the year, with the Lihir mine yielding 152,000 ounces in the June quarter. ($1 = 0.9743 Australian dollars) (Reporting by James Regan; Editing by Richard Pullin)

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