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Australia's largest gold producer Newcrest Mining Ltd on Thursday reported second quarter production rose 6.3 percent on increases at its Papua New Guinea and Western Australia state's Pilbara mines.
December quarter production rose to 620,691 ounces of gold, up from 583.745 ounces in the first quarter, aided by increased output at the Lihir mine in Papua New Guinea and Telfer in the Pilbara, Newcrest said in a statement on Thursday.
Output however was partially offset by lower production from its Cadia Valley site in New South Wales state following a previously announced five-week stoppage due to the mill's motor.
"We've had a good quarter in which we maintained our strong focus on safe production and delivered an increase in gold production and lowered our all-in sustaining cost, despite operational challenges at our two largest mines, Cadia and Lihir," Newcrest chief executive Sandeep Biswas said.
Newcrest's all-in sustaining costs -- including production, capital expenditure, administration and exploration -- fell to 757 U.S. dollars an ounce, down from 785 U.S. dollars in the first quarter.
Despite the rebound in gold amid turmoil in global financial markets and slumping crude prices, Newcrest received 1,100 U.S. per ounce on average, down from 1,126 U.S. dollars in the first quarter. Gold was trading at 5.09 U.S. dollars, or 0.45 percent lower to 1,119.88 U.S. dollars an ounce at 1344 local time on Thursday.
The company maintain its production forecast of between 2.4 million and 2.6 million ounces in the 12 months to June. Newcrest reports on the Australian financial year calendar which runs July to June.
At 1334 local time (AEDT), Newcrest's shares had gained 35 Australian cents, or 2.63 percent to 13.88 Australian dollars.
