Higher realised gold prices has seen major Newcrest Mining report a 5% increase in revenue for the full year ended June, despite a 13% drop in gold production.
The miner on Friday reported that gold production for the full year reached 2.1-million ounces, down from the 2.4-million delivered in 2019, however a 21% increase in the realised gold price has resulted in revenues increasing from $3.7-billion to $3.9-billion. “The 2020 financial year was a year in which we invested in the future. We invested $1.3-billion to acquire Red Chris and increase our exposure to Fruta del Norte, and a further $400-million to progress our organic growth options and on exploration,” said MD and CEO Sandeep Biswas.