Newcrest Mining Limited - Quarterly Report for the Three Months Ended 30 June 2021

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22/07/2021 06:19
(figures are unaudited and in US$ except where stated)
Strong June Quarter delivers FY21 guidance and quarterly records

Creating a brighter future for people through safe and responsible mining

Goal of net zero carbon emissions by 2050(1)
Industry leading low injury rates(2) underpinned by a 27% improvement in TRIFR(3) in the June 2021 quarter

Achieved FY21 production guidance, with Cadia exceeding the top end of its guidance range(4)
Quarterly gold production of 542koz(5) and copper production of 38kt
All-In Sustaining Cost (AISC) of $797/oz(5) in the June quarter
June quarter AISC margin of 55% or $983/oz(6)
Cadia achieved record annualised mined ore and mill throughput rates
Cadia recorded its lowest reported quarterly AISC of negative $377/oz
Red Chris recorded its lowest reported quarterly AISC of $651/oz
FY21 AISC of $905/oz, delivering an AISC margin of 49% or $884/oz(6) for the financial year
Advancing multiple organic growth options
Exploration decline development works progressing well at Red Chris and Havieron
Cadia Molybdenum Plant first production is expected by the end of September 2021(7)
Lihir Phase 14A Pre-Feasibility Study expected to be released by the end of September 2021(8)
Cadia PC1-2 Pre-Feasibility Study expected to be released by the end of September 2021(8)
Red Chris Pre-Feasibility Study expected to be released by the end of September 2021(8)
Havieron Pre-Feasibility Study expected to be released in the second half of CY21(8)
Melbourne, Australia--(Newsfile Corp. - July 21, 2021) - Newcrest Mining Limited (ASX: NCM) (TSX: NCM) Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest has safely delivered its group production and cost guidance for the year following a strong fourth quarter. Cadia exceeded the top end of its production guidance range and delivered mine and mill throughput records, showcasing the quality of this world class asset. Newcrest's All-In Sustaining Cost of $797/oz for the June quarter was underpinned by record quarterly AISC outcomes for Cadia and Red Chris, translating to an impressive All-In Sustaining Cost margin of $983/oz."

"We have made significant progress advancing our multiple organic gold and copper growth options during the quarter. At Red Chris and Havieron we commenced decline development works which are the critical path to reaching commercial production. We are also on track to release the outcomes of several of our exciting growth studies through the remainder of the calendar year which we believe will help articulate the future potential of our business."

"Following the localised seismic event at Cadia earlier this month, the Prohibition Notice has been lifted and we are currently rehabilitating the affected area. As previously disclosed, we do not expect this event to impact gold and copper production in FY22 and our development and expansion works continue uninterrupted," said Mr Biswas.

Overview

Gold production was 6% higher than the prior period(9) driven by a strong performance from Cadia and Telfer. Lihir's gold production was 4% lower in the quarter due to unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown.

Newcrest's AISC for the June 2021 quarter of $797/oz(5) was $96/oz lower than the prior period, reflecting the benefit of higher copper sales volumes at Cadia, Telfer and Red Chris, a higher realised copper price and higher gold sales volumes at Telfer and Cadia. These benefits were partially offset by the associated increase in treatment, refining and transportation costs and royalties.


Metric Jun 2021 Qtr Mar
2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20 FY21 Guidance(10)
Group(5) - gold oz 542,332 512,424 535,477 503,089 2,093,322 2,171,118 1,950-2,150koz
copper t 38,370 35,034 34,557 34,763 142,724 137,623 135-155kt

- silver oz 270,797 228,543 230,769 214,412 944,521 983,431
Cadia - gold oz 194,757 179,546 194,088 196,504 764,895 843,338 680-760koz

- copper t 28,105 26,324 26,643 25,329 106,402 96,042 95-105kt
Lihir - gold oz 176,341 183,231 200,173 177,337 737,082 775,978 720-820koz
Telfer - gold oz 125,603 105,228 98,855 86,452 416,138 393,164 360-420koz

- copper t 4,685 3,666 2,443 2,384 13,177 16,278 10-20kt
Red Chris(11) - gold oz 10,815 11,095 11,375 12,636 45,922 38,933 45-55koz

- copper t 5,580 5,044 5,471 7,050 23,145 25,302 25-30kt
Gosowong(12) - gold oz - - - - - 103,282
Fruta del Norte(5),(13) - gold oz 34,816 33,324 30,986 30,160 129,285 16,422 95-110koz

Fatalities Number 0 0 0 0 0 0
TRIFR(14) mhrs 1.9 2.6 1.6 2.6 2.3 2.6
All-In Sustaining Cost(5),(15) $/oz 797 893(16) 963(16) 980 905 862
All-In Cost(17) $/oz 1,242 1,253 1,349 1,275 1,278 1,044
All-In Sustaining Cost margin(6) $/oz 983 854 836 847 884 668
Realised gold price(18) $/oz 1,780 1,751 1,815 1,837 1,796 1,530
Realised copper price(18) $/lb 4.42 3.86 3.26 2.97 3.66 2.57
Realised copper price(18) $/t 9,744 8,510 7,187 6,548 8,069 5,666
Average exchange rate AUD:USD 0.7700 0.7729 0.7303 0.7147 0.7467 0.6715
Average exchange rate PGK:USD 0.2843 0.2846 0.2853 0.2872 0.2854 0.2927
Average exchange rate CAD:USD 0.8124 0.7896 0.7667 0.7504 0.7789 0.7452


All figures are shown at 100% unless stated otherwise.

Operations

Cadia, Australia

Highlights Metric Jun 2021 Qtr Mar
2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20 FY21
Guidance
TRIFR mhrs 2.0 11.3 7.5 3.6 6.1 4.9
Total production - gold oz 194,757 179,546 194,088 196,504 764,895 843,338 680-760koz

- copper t 28,105 26,324 26,643 25,329 106,402 96,042 95-105kt
Head Grade
- gold g/t 0.92 0.94 0.95 1.02 0.95 1.14

- copper % 0.40 0.41 0.39 0.40 0.40 0.39
Sales
- gold oz 201,494 175,295 194,183 195,146 766,118 848,959

- copper t 29,039 25,332 26,477 24,596 105,444 96,437
All-In Sustaining Cost $/oz (377) (160) (6) 113 (109) 160
All-In Sustaining Cost margin $/oz 2,157 1,911 1,821 1,724 1,905 1,370


Cadia achieved record annualised mined ore volumes from Cadia East of 38.1mtpa and a record annualised mill throughput rate of 34.3mtpa in the June 2021 quarter. The higher volumes of ore processed offset the reduction in grade and contributed to an 8% increase in gold production in the period. Mill throughput also benefited from no major planned shutdown events, higher plant availability and debottlenecking initiatives in Concentrator 1.

Cadia's new quarterly AISC record of negative $377/oz reflects the benefits of higher gold and copper sales volumes and a higher realised copper price. These benefits were only partially offset by associated higher royalty payments and treatment, refining and transportation costs.

On 2 July 2021, a localised seismic event occurred in the Eastern end of Panel Cave 2. No injuries were sustained and all personnel working in the affected area were accounted for and safely returned to surface in accordance with Newcrest's standard operating procedure. Mining operations in all other areas, development activities and
above-ground operations all continued uninterrupted. The Prohibition Notice that was issued by the New South Wales Government Resources Regulator in respect of the event was lifted on 5 July 2021. An improvement notice has been issued and rehabilitation of the affected area is currently underway. Newcrest does not expect this event to impact gold or copper production in FY22.

As foreshadowed in Newcrest's March 2021 quarterly report, the replacement of the SAG mill motor commenced in early July 2021 and is expected to take ~19 weeks(19) to complete. Newcrest has implemented a SAG bypass for the duration of the SAG mill motor replacement and Concentrator 1 is operating at ~60% of its normal capacity, which will temporarily reduce gold and copper production and increase AISC/oz during this period.

Newcrest is on track to complete commissioning of the Molybdenum Plant (Moly Plant) and expects to achieve first production by the end of September 2021(19). The Moly Plant is expected to deliver an additional revenue stream for Cadia in the form of a molybdenum concentrate which will be recognised as a by-product credit to AISC.

The Cadia PC1-2 Pre-Feasibility Study is expected to be released by the end of September 2021(20).

Lihir, Papua New Guinea

Highlights Metric Jun 2021 Qtr Mar
2021 Qtr Dec 2020 Qtr Sep 2020 Qtr FY21 FY20 FY21
Guidance
TRIFR mhrs 0.4 0.4 0.0 0.5 0.3 0.6
Production - gold oz 176,341 183,231 200,173 177,337 737,082 775,978 720-820koz
Head Grade
- gold g/t 2.45 2.58 2.27 2.34 2.40 2.38
Sales
- gold oz 197,651 194,356 170,308 210,831 773,146 760,724
All-In Sustaining Cost $/oz 1,481 1,293 1,438 1,283 1,370 1,206
All-In Sustaining Cost margin $/oz 299 458 377 554 426 324


Gold production of 176koz was 4% lower than the prior period reflecting the impact of unplanned downtime in the autoclaves, lower head grade and recovery rates, and the overrun of the planned March 2021 shutdown. This was partially offset by the benefit of there being no planned shutdown events in the period, which enabled a 6% increase in mill throughput. Head grade and recovery were impacted by a higher proportion of lower grade stockpile feed as access to expit ore in Phase 14 was obstructed by high rainfall events.

Scheduled maintenance activities that were planned for September 2021 have been brought forward and are expected to be completed during a period of unplanned downtime of Autoclave 4. This planned maintenance activity is currently underway, largely offsetting the impact on FY22 gold production associated with the Autoclave 4 downtime.

Lihir's AISC of $1,481/oz was 15% higher than the prior period driven by an increase in stripping activities in Phase 15, timing of sustaining capital spend and higher COVID-19 related costs. These impacts were partially offset by marginally higher gold sales volumes.

Technical and risk mitigation studies to support the Phase 14A Pre-Feasibility Study were substantially progressed during the June 2021 quarter. Newcrest expects to release the findings of the Phase 14A Pre-Feasibility Study by the end of September 2021(21). Newcrest also expects to complete the Seepage Barrier Feasibility Study by the end of September 2021.
see & read more on
https://www.newcrest.com/investor-centre/results-reports?release_type=11



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