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Newcrest Mining ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) reported late Tuesday that FQ2 gold fell 2.8% Q/Q, due to reduced milling at the Lihir mine in Papua New Guinea and temporary work stoppages. at the Brucejack mine in Canada.
Australia’s biggest gold miner said gold production in the quarter was 512,130 oz, lower than analysts’ consensus and compared with 527,115 oz earlier, while copper rose to 34,564 tonnes from 32,459 tonnes in the previous quarter, and steady. the price fell slightly to $1,082/oz from $1,095/oz.
Drought due to La Niña reduced water at the Lihir mine, and the death of Brucejack led to a three-week shutdown in October, the company said, expecting gold production at both locations to increase in H2 of the FY. 2023.
Gold prices have been rising after the 2022 uncertainty, hitting a nine-month high in recent trading.
