News: Newcrest cuts costs, lifts FY copper guidance

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Newcrest Mining Limited (ASX:NCM) has boosted its annual copper guidance and expects costs to come in at the bottom end of its prior guidance range. 

 

Over its third quarter the miner increased gold production by 5.7 per cent while copper production slipped 4.7 per cent from the prior quarter. 

 

Over the March quarter the company continued to pay down debt from free cash flow generated, including proceeds from the partial sale of its stake in Evolution. 

 

Looking ahead Newcrest has lowered its capital spending forecast, partly due to its focus on capital efficiency and also a lower cost environment.

 

Newcrest Mining reported a net profit of $207 million in the first half of the 2015 financial year.