Newcrest reaffirms production guidance

Gold miner's Q3 output misses forecasts, Sandeep Biswas to take over from CEO Greg Robinson on July 4.

Gold miner Newcrest Mining (NCM) has reaffirmed full-year production guidance for both gold and copper after gold production in the March quarter missed expectations.

Gold production rose 7% in the third quarter to 551,590 ounces, compared with 514,421 ounces in the March 2013 quarter.

Analysts surveyed by Bloomberg had expected gold production of 569,260 ounces in the quarter.

Newcrest said it is on track for full year gold output around the top end of its guidance range of 2.3 million ounces.

Copper production beat expectations in the quarter, lifting 10 per cent to 21,012 tonnes, compared with 19,023 tonnes in the previous corresponding period.

Analysts surveyed by Bloomberg had expected copper production of 19,600 tonnes.

Silver production rose by 27 per cent to 510,264 ounces from 401,143 ounces in the prior corresponding period.

The miner said it continues to focus on cost reduction in a lower gold price environment.

All-in sustaining costs were $988 per ounce sold, down from $1,407 in the March 2013 quarter.

The miner has also announced Sandeep Biswas will assume the role of chief executive officer on July 4, following the previously flagged departure of Greg Robinson.

The gold miner appointed Mr Biswas as chief operating officer in October with the expectation he would succeed Mr Robinson in the top job.

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