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Newcrest ups FY'20 gold, copper output guidance on Red Chris acquisition

Newcrest Mining Ltd. raised its fiscal 2020 gold production guidance to between 2.38 million ounces and 2.54 Moz, from 2.35 Moz to 2.50 Moz previously, following the acquisition of the Red Chris mine in British Columbia.

Consequently, the company also increased its copper production guidance for the year to between 130,000 and 145,000 tonnes, from between 110,000 and 120,000 tonnes.

Gold production in the September quarter dropped 23% from the June quarter to 511,636 ounces due to a series of planned shutdowns, lower grades at the Cadia and Lihir mines, and the change in the processing strategy at the Telfer mine in Western Australia, partially offset by the addition of production from Red Chris.

Copper production for the fiscal first quarter also fell 14% quarter over quarter to 24,773 tonnes.

The Australia-listed miner said Oct. 24 that all-in sustaining costs were US$899 per ounce, increasing from US$720/oz in the previous quarter.

Newcrest's board recently approved the execution of the first of two stages of the Cadia expansion project in New South Wales, Australia.