Newcrest meets FY16 production guidance, cuts debt to $2.1bn

Australia’s largest gold producer Newcrest has met its production target for a third year, producing 2.4-million ounces of gold in the 12 months to June 30. The group increased its production by 0.7% year-on-year in 2016, but its fourth quarter production slid by 6% quarter-on-quarter to 598 037 oz, owing to production disruptions at the Gosowong mine, in Indonesia, and lower grades at Cadia, in New South Wales.