News: NCM Newcrest Mining Posts Qtrly Copper Production Of 25Kt, Down 14% From June Qtr

Oct 24 (Reuters) - Newcrest Mining Ltd (NCM) :

• QTRLY COPPER PRODUCTION OF 25KT, DOWN 14% FROM JUNE 2019 QUARTER
• QTRLY GOLD PRODUCTION OF 512KOZ, DOWN 23% FROM JUNE 2019 QUARTER
• FULL YEAR GUIDANCE REMAINS UNCHANGED
• SEPTEMBER QUARTER GROUP AISC OF $899 PER OUNCE, $179 HIGHER THAN JUNE 2019 QUARTER
• CONTINUED EXPECTATION IS THAT GOLD PRODUCTION IN SECOND HALF OF FINANCIAL YEAR WILL BE HIGHER THAN FIRST HALF
• FREE CASH FLOW IS ALSO EXPECTED TO BE SUBSTANTIALLY LOWER IN FIRST HALF OF FINANCIAL YEAR
• REMAINS CONFIDENT IN CADIA ACHIEVING ITS FY20 PRODUCTION GUIDANCE
• PERMITTING DISCUSSIONS BETWEEN PNG GOVERNMENT AND WAFI-GOLPU JOINT VENTURE CONTINUE TO BE DELAYED BY UNRESOLVED LEGAL PROCEEDINGS
• GIVEN IMPROVEMENTS IN WATER MANAGEMENT, NEWCREST'S CURRENT ESTIMATE IS THAT DROUGHT WILL NOT IMPACT FY20 PRODUCTION
• WGJV HAS DEFERRED PLANNED WORK PROGRAM IT HAD PLANNED TO COMMENCE THIS CALENDAR YEAR.
• WAFI-GOLPU PROJECT TEAM IN BRISBANE AND SITE HAS BEEN REDUCED IN ORDER TO REFLECT REVISED FORWARD WORK PROGRAM
• SEVERAL SHUTDOWNS HAVE BEEN PLANNED FOR DECEMBER 2019 QUARTER AS LIHIR TRANSITIONS TO A BIANNUAL SHUTDOWN STRATEGY
• PNG GOVERNMENT CONTINUES TO SIGNAL ITS SUPPORT FOR PROJECT AND WGJV IS WELL PLACED TO RESUME DISCUSSIONS WITH PNG GOVERNMENT
• TELFER'S FULL YEAR GOLD PRODUCTION IS EXPECTED TO BE AROUND BOTTOM OF ITS GUIDANCE RANGE
• DIFFICULT TO ESTIMATE DURATION OF WAFI-GOLPU DELAY AND MARKET WILL BE ADVISED WHEN DISCUSSIONS RECOMMENCE

Source text http//reut.rs/32H3aOt

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