⁍ Newcrest’s gold production fell to 503,089 ounces in the three months ended Sept. 30, from 511,636 ounces a year earlier.

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⁍ The company, which remains entangled in a tiff surrounding royalty division for the Wafi-Golpu project, also said it expects to re-engage with Papua New Guinea.

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– Newcrest Mining, Australia’s top gold producer, on Thursday posted a drop in first-quarter output and outlined a jump in costs, sending its shares down to a four-month low, reports Reuters. The miner, however, said it is on track to meet its 2021 production guidance and expects both gold and copper production to increase in the second quarter. Newcrest’s gold production fell to 503,089 ounces in the three months ended Sept. 30, from 511,636 ounces a year earlier, hurt by lower output from its Lihir and Cadia mines. Still, the figure came slightly ahead of the 501,000 ounces production estimate of brokerage UBS. All-in sustaining costs for the group in the quarter stood at $980 per ounce, compared with $899 a year prior. The increase in costs was primarily driven by the impact of a strengthening Australian dollar and Canadian dollar on the operating costs of its Cadia, Telfer, and Red Chris projects as well as lower gold production, Newcrest said.