Friday, 13th August 2004 (3231 views)

Newcrest has revealed that gold production for the three months to June 30th rose by 18 per cent, boosted by its Toguraci mine in Indonesia.

The mine, which started operating in February this year, produced 56,388 ounces of gold over the quarter, while production at Newcrest's Ridgeway and Cadia Hill mines in Australia both fell compared to the same period last year.

Melbourne-based Newcrest Mining Ltd, the biggest Australian gold miner, said in a statement to the Australian Stock Exchange that full-year gold production rose 6.6 per cent to 761,780 ounces.

The company produced 235,652 ounces of gold over the fourth quarter to end June, up from 198,992 ounces a year earlier.

Newcrest reports that cash costs fell to A$80 an ounce over the three months to June 2004 and announced that production at the Telfer mine in Western Australia, which is expected to more than double the company's gold output, is due to start in the September quarter,

 

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