Despite a dip in early trade, the Newcrest Mining Limited (ASX: NCM) share price could be set to climb higher today after the company reported higher gold and copper production and a record low all-in sustaining cost (AISC) in its quarterly results.
What were the highlights from Newcrest's quarterly update?
In its full-year guidance, Newcrest reported gold production of 2,488 kilo ounces (koz), up 6% on the prior corresponding period (pcp), and copper production of 106 kilotonnes (kt), up 36% on pcp.
The Aussie miner also reported record low annual group all-in sustaining cost (AISC) of $738 per ounce, down 12% on pcp in a strong quarterly result for Newcrest.
Another key point in the company's results presentations was achieving group production and cost guidance, while Cadia achieved gold production and AISC records of 913 koz and $132 per ounce, respectively,.
In terms of the quarterly results, gold production climbed 6% quarter on quarter (QoQ) to 661 koz, while copper production similarly climbed 14% to 29kt, up 14% from the March 2019 quarter.
In line with the group's full-year results, the group's quarterly AISC fell $18 per ounce to $720 per ounce while its AISC margin rose $26 per ounce compared to the March 2019 quarter.
Newcrest's AISC for the June 2019 quarter was largely due to higher gold and copper sales at Cadia and favourable movement in exchange rates.
Cadia achieved a record annualised mill throughput rate of 31.7 mtpa in the June quarter, due to improved mill uptime with no planned shutdowns for Concentrator 1 in the quarter.
How has the Newcrest share price performed in 2019?
The Newcrest share price has been one of the top performers on the S&P/ASX 200 (INDEXASX: XJO) index so far this year, climbing 56.7% higher since the start of January.
A strong half-year result was a boost for investors early in the year and the company's cost control and steady exploration results has meant that the Newcrest share price has outperformed many of its ASX 200 and metals and mining peers in 2019.
The latest quarterly results look positive for the group, and I wouldn't be surprised to see the Newcrest share price shoot higher today as investors absorb the solid numbers announced this morning.
