Sydney, Jan 24, 2008 (ABN Newswire) - Gold mining company Newcrest (NCM) was another miner to release a quarterly report today – with its gold production 2% higher on the previous quarter and copper production also 2% higher.

The company said the entitlement offer was successfully completed and all gold hedging and gold loan contracts were closed out in early October.

"Close out of the remaining USD gold bullion sales contracts is progressing," Newcrest said.

"The achieved gold price of $870 per ounce was $150 or 21% higher than the previous quarter. During the same period gold price increased 11%".

In regards to its guidance for the full year, Newcrest said it maintained the trend of increasing quarterly production, and expected this to continue for the remainder of the year.

"Group production guidance remains unchanged at 1.81 – 1.89Moz of gold, and 86.5 – 90.0kt of copper."

A review of its Cadia Hill and Cadia East open pits sequencing has resulted in an increase in contained gold and a change in the production profile for the Cadia Hill open pit. An increase in production is expected for the remainder of the year.

However, at its Telfer open pit costs have come under increasing pressure. This has been driven by increased maintenance and consumables costs as a result of harder and abrasive ore.

NCM lost 90 cents or 2.6% to $34.00

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