Newcrest Mining (OTCPK:NCMGF) (OTCPK:NCMGY) reported late on Tuesday his Gold production in the second quarter fell by 2.8% Q/Q, due to reduced mill throughput at the Lihir mine in Papua New Guinea and a temporary shutdown at the Brucejack mine in Canada.
Australia’s largest gold miner said gold production in the quarter totaled 512,130 oz, lower than analysts’ consensus and compared with 527,115 oz in the prior period, while copper production rose to 34,564 metric tons from 32,459 tons in the previous quarter, and its total production prices fell slightly to $1,082/oz from $1,095/oz.
Drought conditions from La Niña weather have limited water supplies to the Lihir mine, and a fatality at Brucejack led to a three-week shutdown in October, the company said, expecting gold production at both sites. will increase in the second half of fiscal 2023.
Gold prices rise after volatile 2022. hitting nine-month highs in recent trading.