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Newcrest drops in Q3 production

AUSTRALIAN miner, Newcrest Mining Limited has recorded low gold and copper production for the September quarter for its operations compared to the June quarter.
Gold and copper production both recorded a low production of 9 per cent and 14 per cent respectively.
The gold production for September quarter was 586,573 ounces of gold and 19,632 tonnes of copper at an all-in sustaining cost of A$1,093 per ounce (US$1,001 per ounce).
The miner said it maintained its focus on maximising free cash flow, with a range of initiatives to reduce operating and corporate costs and capital expenditure advanced during the quarter.
The company has stated it is managing the business to be free cash flow positive (after all capital, exploration and corporate expenditure) at a gold price of A$1,450 (K3595.41) per ounce.
Meanwhile, the miner said gold productions at Lihir gold mine in New Ireland Province for the September quarter was 3 per cent lower than the previous quarter.
This was with planned lower gold grade and recoveries associated with processing a higher proportion of stockpiled ore, substantially offset by increased mill throughput
The Hidden Valley operation in Morobe Province on the other hand, recorded an increase of 7 per cent gold production over the previous quarter.
This was due to a 10 per cent increase in mill throughput and a 3 per cent increase in gold recoveries, partly offset by a 2 per cent reduction in gold grade. 
Newcrest said commissioning of the crusher at the head of the overland conveyor was largely complete but minor configuration changes are being implemented through the December quarter and are expected to improve throughput and feed reliability to the mill.
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