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Monday, 30th October 2006 (5663 views)

Newcrest Mining has seen major increases in its gold production levels with 13 per cent more bullion produced in 2006.

The Australian gold mining company has announced that production rose to 379,701 ounces in the third quarter of this year due to higher output from Newcrest's Telfer mine.

The firm told the Australian stock exchange "underground development and production rates are on track".

The Telfer mine started up in February 2005 and in 2006's third quarter it produced 154,347 ounces compared to the previous quarter's 133,858 ounces.

Its overall annual target is 780,000 ounces but power failures this month have prevented fast levels of progress being made.

Ian Smith, chief executive at Newcrest, said: "We've had some problems with the power plant…We've gone back and reconfigured some of the production plant now that we've got a firm handle on the grade and where it sits ... but what that's meant is that the copper production at Telfer will drop off."

Copper is expected to see a ten per cent dip in total for the year. The company also operates at three more Australian locations which haven't reported changes in outlook.

 

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