NCM newcrest mining limited

(Adds result details, background) April 27 (Reuters) - Takeover...

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    (Adds result details, background)

    April 27 (Reuters) - Takeover target Newcrest Mining (NCM) said on Thursday gold production in the third quarter fell 0.5% from the second, hurt by lower production at its Cadaia project following an unscheduled mechanical breakdown.

    Maintenance activities at the Cadaia operation in Australia kept a lid on production at the site, resulting in lower mill throughput following an unscheduled mechanical breakdown of the concentrate filter presses at the Blayney dewatering facility- the company said.

    Earlier this month, Newcrest received a best and final offer from Newmont Corp NEM.N that valued the Australian miner at A$29.4 billion ($19.66 billion).

    Newcrest has given U.S.-based Newmont access to its books following the sweetened all-share bid that has received some support from shareholders.

    "We expect gold and copper production to increase in the June quarter and remain on track to deliver a strong FY23 result" said interim CEO Sherry Duhe.

    The company's Brucejack operations, which returned to regular operations after a three-week suspension during a safety review in the previous quarter, is now expected to have a lower gold output about 300 thousand ounces (koz) for the full year, compared with the earlier guidance of about 320-370 koz of gold.

    The miner produced 509,637 ounces (oz) of the precious metal in the three months ended March 31, down from 512,130 oz in the December quarter.

    The output missed a Visible Alpha consensus estimate of 568,000 oz, according to Sydney investment bank Barrenjoey. (([email protected]; Twitter: https://twitter.com/damnit_saladin;))

 
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