Australia’s Newcrest reviewing high-cost gold operations

11 May 2013 | 16:04 Code : 21687 Geoscience events
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Australia’s Newcrest Mining Ltd. (ASX: NCM) plans to review all its business activities....

Australia’s Newcrest Mining Ltd. (ASX: NCM) plans to review all its business activities especially those with higher costs for gold production, the company said in its released 2013 first quarter report.The decline in commodity prices plus a reduction in the strength of the currency in Australia and Papau New Guinea has made it a challenging business environment for the company.Newcrest also cut about 150 jobs from its Melbourne and Brisbane offices.Its gold production guidance for the 2012/13 year is 2 to 2.15 million ounces.The quarterly report showed 514,421 ounces of gold production with 19,023 tonnes of copper. This was a 4.44% increase from the last 2012 quarter for the yellow metal but a 4.5% decline for the red metal.

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