The Newcrest Mining Ltd (ASX: NCM) share price is one to watch today after the Aussie gold miner's latest quarterly report.
Why are Newcrest shares in focus?
Newcrest this morning provided its latest report for the period ended 31 March 2021 (Q3 2021). Notably, gold production was down 4% on the prior period to 512,424 ounces after planned shutdowns at its Cadia and Lihir sites. A 6% increase in production at the Telfer site helped offset some of these shutdowns.
The company reported an improved all-in sustaining cost (AISC) of $891 per ounce. That represented a $72 per ounce improvement on December 2020 quarter figures.
Newcrest managing director and CEO Sandeep Biswas was bullish on the quarter's performance. Mr Biswas said, "Our world-class Cadia asset set a new record during the March quarter, reporting its lowest ever quarterly All-In Sustaining Cost of negative $160 per ounce". Those Cadia numbers helped reduce the overall AISC margin by 7% to $854 per ounce.
The Newcrest Mining share price will be in focus as the Aussie miner remains on track to hit FY2021 guidance figures. Newcrest is targeting group production of 1,950,000 to 2,150,000 ounces of gold for the full year. For reference, Newcrest has now produced 1,550,990 ounces on a financial year-to-date basis.
Group copper production totalled 35,034 during the quarter, up marginally on December quarter numbers. The company is targeting full-year guidance of 135,000 to 155,000 tonnes of copper with 104,354 tonnes produced year to date.
The Newcrest Mining share price will be one ASX 200 share worth watching in early trade. Newcrest reported no "material disruption" to production or operations as a result of COVID-19. However, the company is still working to further strengthen controls as a precaution.
"We are very well positioned to fund our organic growth opportunities with a strong balance sheet and long-dated debt maturity profile", Mr Biswas said.
