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Newcrest Mining extends power contract, reduces costs at Cadia

Mining News - Published on Thu, 07 Dec 2017

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Fin New Network reported that one of the world’s largest Gold producer’s Newcrest Mining has extended its electricity contract at its NSW Cadia site, reducing its costs by 20 %. Newcrest said that the five-year extension with EnergyAustralia, not only provides costs certainty and reduced tariffs, but beats its cost estimates.

In August the company told shareholders Cadia’s operating costs would increase in the order of USD 55 to USD 60 per ounce, compared to FY17. But now the new contract reduces that impact to about USD 30 to USD 35 per ounce.

As a result of this, favourable copper prices and exchange rates, it’s now expecting its total FY18 AISC will be at the lower end of its guidance range (USD 255 to USD 295 million).

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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