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Monday, 27th October 2008 (905 views)

Newcrest has announced that its gold production rose by 8.5 per cent during the quarter to the end of September this year.

According to the mining giant, it is on track to meet its annual target, with total first quarter output of 485,978 ounces, up from 448,103 ounces for the same quarter of last year.

The largest producer in Australia, Newcrest forecasts that gold production for the year to June 2009 will reach 1.68-1.78 million ounces of gold.

Analysts have welcomed the figures and Newcrest's chief executive Ian Smith has stated that the company remains one of the world's lowest-cost gold producers.

A number of Newcrest mines reached record production levels during the three months to September this year.

Meanwhile, Newcrest made a series of changes to its management teams last month as part of a wide-ranging redevelopment and restructuring programme.

 

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