Photo credit: Mining Digital
There were no pandemic-related delays in Newcrest Mining Limited's 2 million ounces of gold output in the fiscal year 2022, despite the fact that several maintenance and improvement projects were carried out.
Sandeep Biswas, managing director of Newcrest, stated at the company's annual general meeting (AGM) in Melbourne that this output was delivered at an All-In Sustaining Cost margin of US$732 per ounce (K2580) and that this was achieved while maintaining a disciplined approach to their financial management, which saw four straight quarters of declining group costs over the course of the previous financial year.
He claimed that by successfully completing their acquisition of the Brucejack mine in western Canada, they were able to achieve value-accretive growth as a key goal.
“Brucejack is one of the world’s highest-grade operating mines and complements our quality portfolio of large-scale, long-life and low-cost assets. It also means Newcrest now has exposure to six tier 1 ore bodies globally,” Mr Biswas said.
He asserted that building a good gold firm requires having a genuine, relevant exposure to copper.
“At the end of the 2022 financial year, on a 100 per cent basis, our Group Ore Reserves contain approximately 11 million tonnes of copper, with an estimated 25 million tonnes inclusive of our Group Measured and Indicated Mineral Resources,” Mr Biswas said.
“In addition to having a substantial exposure to copper today, it means our exposure is well placed to increase in the future through conversion of Mineral Resources to Ore Reserves. In the last financial year alone copper actually accounted for 25 per cent of Newcrest’s total net revenue, up from 22 per cent just one year earlier.
“Our intention is to build on this profile going forward through building of the Red Chris Block Cave, pursuing the approval of Wafi Golpu and with the potential development of Namosi further down the track.”
Reference: Post-Courier (10 November 2022). “Newcrest Delivers Two Million Ounces Of Gold In F22”.
