Australia's Newcrest Mining jumps on raising Cadia mine output view

National CineMedia

10/11/2022 23:48

** Shares of gold miner Newcrest Mining  NCM.AX  rise as
much as 5.4% to A$20.20, amid broader Australian gold stocks
index  .AXGD  up as much as 5.9%
    ** NCM hits highest level since July 6; gold stocks index at
highest level since June 23 
    ** Says a feasibility study at its Cadia mine's PC1-2 panel
cave in New South Wales has resulted in higher estimated annual
gold production, compared with the pre-feasibility study 
    ** Average annual gold production from Cadia PC1-2 now
expected to be 231,000 ounces (oz), compared with 205,000 oz at
the pre-feasibility study stage 
    ** Gold stocks also helped by price of bullion rising 3%
overnight after data showed U.S. inflation eased slightly in
October, which led the dollar to drop 2%, making gold less
expensive for holders of other currencies  GOL/  
    ** NCM down 21.7% YTD as of last close 
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))