Tuesday, 23rd October 2007 (1554 views)

Quarterly results released for Australian gold producer Newcrest Mining have revealed that the company's total gold output has increased 18 per cent during the three-month period ending on September 30th.

According to the Advertiser newspaper, Newcrest Mining is the largest gold producer in Australia, with a planned full-year production guidance of 1.8 million ounces of gold for 2007/08.

The company announced that gold production for the quarter was recorded as 448,103 ounces, with exploratory drilling currently underway at the Gosowong and Yilgangi gold projects.

Increased gold production from the company is partially attributed to a record-breaking quarter at the Gosowong project, located in Indonesia, where output totalled 105,355 ounces of gold, a figure 23.6 per cent higher than last year.

Founded in 1990, Newcrest Mining made its first offshore exploration discovery at the Gosowong property between 1994 and 1995, according to the company's website.

It currently is exploring and operating a variety of large-scale and high-margin gold projects in Australia and Indonesia.

 

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