Drought, mine suspension dampen Newcrest's quarter

Newcrest (ASX, TSX: NCM), one of the world's largest gold mining companies, said gold production dropped 3% quarter-on-quarter.

The miner released its December quarter today.

A drought and mine suspension led to the drop.

"Gold production was 3% lower than the prior period driven by lower mill throughput at Lihir with drought conditions continuing to limit water supply to the plant, and the temporary suspension of operations at Brucejack following the fatality in October 2022," said the company in a news release, adding that higher gold production at Cadia and Telfer helped offset the drop.