Ontario First Nation demands input in Springpole gold project’s assessment
The Springpole project is host to one of the biggest undeveloped open pit gold deposits in North America.
Australian-based miner Newcrest reported on Wednesday that the company achieved gold production of 535,000 oz during December 2020 quarter, 6% higher than the prior period and beating the UBS estimate of 528,000 oz.
The improvement in gold output reflects a stronger performance from Lihir and Telfer, combined with a reduction in scheduled maintenance events, Newcrest managing director and CEO Sandeep Biswas explained.
However, gold production fell 2.8% from the same quarter last year due to lower output from its Cadia and Lihir mines.
At Lihir, Papua New Guinea, the company is on track to release the outcomes of the mine optimization study with its half year results in February. The continued improvement of the handling and processing of the argillic ores has contributed to an increase in throughput and recovery, culminating in a 13% increase in quarterly gold production.
At Telfer, gold production of 99,000 oz was 14% higher than the prior period, driven by the completion of planned maintenance in the prior quarter enabling an increase in mill throughput and a 9% increase in gold grade.
Meanwhile, the Cadia asset continues to break records, recording its lowest ever quarterly AISC of negative $6/oz, which equates to an AISC margin of $1,821/oz on its almost 200,000 ounces in the quarter. However, gold production of 194,000 oz was 1% lower than the prior period due to lower grade and recovery.
Shares of Newcrest Mining were down 4.5% by Wednesday’s market close. The company’s market capitalization stands at C$21.07 billion.
