The Newcrest Mining Limited (ASX: NCM) share price is up 3.3% in response to its December 2018 quarter report.
Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies. As of 2018, its major operations in New South Wales’ Cadia Valley, Telfer in Western Australia, Gosowong in Indonesia, and Lihir in Papua New Guinea (PNG).
What Newcrest reported for December 2018
The gold miner reported gold production of 655koz, which was 19% higher compared to the previous quarter. Copper production was 27kt, this was 8% higher than the September 2018 quarter.
Newcrest’s all-in sustaining cost (AISC) of $720/oz was $58/oz lower compared to the September 2018 quarter. This means the miner was more efficient and helped increase the overall AISC margin by $74/oz.
It was a record-breaking quarter and half at Cadia mine, with production of 239koz and 453koz respectively.
Newcrest was pleased to say that all sites increased gold production and reduced AISC per ounce compared to September 2018 and early works on the next block cave at Cadia (PC2-3) has commenced.
The Newcrest CEO Sandeep Biswas said: “Our first halt production performance establishes a great platform from which to deliver strong results for the remainder of the financial year.
What Now?
Newcrest shares glittered 3.3% higher today, but it doesn’t have much control over the prices it can charge for its commodities, therefore the proven shares in the free report below may be a better long term investment.
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