Newcrest Mining Limited (ASX: NCM) in the June 2018 quarter, reported for 10 per cent higher gold production than the prior quarter, due to increased volume of ore processed and higher head grade, partially offset by lower recoveries i.e., 77.1% in the June quarter compared with 78.8% in the prior quarter. The increased proportion of total ore feed from Panel Cave 2 (PC2), which has a higher grade than Panel Cave 1 (PC1), was the main driver of the rise in head grade. However, the group continued to focus on eliminating causalities and minimizing injuries in the next quarter with no fatalities and a Total Recordable Injuries Frequency Rate (TRIFR) of 2.1 per million hours. The company recorded a 28% improvement in TRIFR in FY18 against FY17.
The recently received approval from the NSW (New South Wales) Department of Planning and Environment for initial 200 million of old Cadia Hill open as a tailing storage facility is expected to be of key importance. During the month of June, the combined production from PC1 and PC2 at Cadia East achieved an annualized rate that exceeded 30 MTPA. Additionally, brownfields exploration activities to be continued in Cadia, Telfer, Lihir, Gosowong and Wafi-Golpu and the search for new discoveries will be continued with exploration activity undertaken in West Africa, Australia, PNG, Indonesia, USA, Argentina, Mexico, Ecuador, and Chile.
With this news, the stock climbed up 4.875 per cent with the intra-trading volume of more than 2.4 million. Currently, it is traded at $ 20.975 with the market-cap of circa $15.35 Bn as of July 26, 2018 before market close (AEST: 3:30 P.M.).
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