Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
Australia’s Newcrest Mining Ltd on Thursday reported a 30.8% sequential rise in fourth-quarter gold production, partly driven by higher mill throughput at its Lihir and Cadia mines.
The country’s largest gold miner said it produced 637,032 ounces (oz) of the yellow metal for the three months ended June 30, compared with 486,851 ounces in the previous quarter.
A reduction in unplanned downtime at Newcrest’s Lihir project in Papua New Guinea and fewer covid-related disruptions boosted its output this quarter, the company said.
“We were pleased to record a fourth consecutive quarter of lower group costs during this challenging inflationary environment,” Chief Executive Sandeep Biswas said in a statement.
The Melbourne-based company produced 1.96 million ounces during the year, compared with its earlier forecast of between 1.93 million ounces and 2.03 million ounces. The figure was slightly higher than an RBC estimate of 1.94 million ounces.
(By Upasana Singh and Navya Mittal; Editing by Devika Syamnath)
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