Newcrest Mining Ltd. said fourth-quarter output jumped 6 percent, beating estimates, as production rose at its biggest mines in Australia and Papua New Guinea.
Gold production was 673,542 ounces in the three months ended June 30, compared to 636,736 ounces a year earlier, the Melbourne-based company said Thursday in a statement. That beat a median forecast of 604,000 ounces among three analysts surveyed by Bloomberg.
Australia’s biggest gold producer said its margin increased 13 percent in the year through June 30. Its realized gold price fell to $1,236 an ounce from $1,292, it said.
Gold slumped this week to the lowest since 2010 on the prospect of U.S. interest rates rising this year, which will dent bullion’s appeal as it doesn’t pay interest.
Bullion for immediate delivery declined to a low of $1,086.18 on Monday. The metal was little changed at $1,094.40 at 9:40 a.m. in Sydney.
Gold could fall below $1,000 for the first time since 2009, Jeffrey Currie, Goldman Sachs Group Inc.’s New York-based head of commodities research, told Bloomberg in an interview Tuesday.
Newcrest rose 2.5 percent to A$11.82 at 10:22 a.m. in Sydney and has advanced 8.4 percent this year. An index of 21 Australian gold producers jumped 2 percent.
The producer is advancing an exploration program and has added potential growth projects in Australia’s Queensland and New Zealand, it said in the statement.
“The search for the next generation of discoveries gained momentum,” in the June quarter, Newcrest said.
(A previous version of this story was corrected to clarify the date of the statement in the second paragraph.)