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July 26 (Reuters) - Gold miner Newcrest Mining Ltd said on Thursday its fourth-quarter gold output rose 15 percent as a timely uptick in production at its flagship Cadia mine enabled it to meet production targets.
Australia’s largest listed gold miner said gold production for the three months to June 30 rose to 634,950 ounces from 551,815 ounces a year ago. Its gold production for the year fell 1 percent to 2.35 million ounces but landed within its production target of 2.25 million to 2.35 million ounces.
UBS had expected a 1 percent lift in quarterly production.
The miner had trimmed its annual output guidance earlier this year after production at its Cadia mine was affected by damage to a tailings wall. The mine accounts for a bulk of Newcrest’s gold production.
Cadia exceeded its full production run rate target for the quarter, Newcrest said. The company had said the mine would be fully operational by the quarter end.
The miner’s stock price has lost about 12 percent this year, stemming largely from weaker bullion prices. Gold prices lost nearly 6 percent in the year to date, hurt by strength in the U.S. dollar.
Reporting by Ambar Warrick in Bengaluru Editing by Paul Tait and Stephen Coates