News: NCM Newcrest just meets 2016 gold output forecast, cuts net debt

SYDNEY, July 25 (Reuters) - Newcrest Mining Ltd (NCM) on Monday said it had cut net debt by more than a quarter in the year to June, helped by strong cash generation as it just met its forecast for gold output for the year.

Australia's biggest gold miner produced 2.44 million ounces in fiscal 2016, up from 2.42 million ounces in the prior year and near the bottom end of its outlook of 2.4 million-2.6 million ounces, hit by a "geotechnical event" in February that resulted in a suspension at its Gosowong mine in Indonesia.

"We look forward to safely building upon this performance with the continued ramp up of Cadia East and our ongoing operational improvements at Lihir," Managing Director Sandeep Biswas said in a statement.

Newcrest gave no target for fiscal 2017 output.