Newcrest?s Gosowong gold production down in Q1 2003

Australian gold miner Newcrest Mining Limited on Monday reported a 9,910 ounces gold production from its Gosowong Mine in Halmahera Island, North Maluku province during January-March quarter, down from the previous quarter?s production of 11,743 ounces.

The company said its production in January-March quarter was managed at an average cash cost of A$576 per ounce and a total cost of $588 per ounce.

Newcrest is still struggling to get permission from Indonesian government to mine deposit at Toguraci pit, which is located in a protected forest area. The deposit area is close to its current mining location.

?Toguraci permitting negotiations are ongoing,? the company said in its quarterly report.

Gosowong mine is currently at the end of mine life. Newcrest announced earlier that it would close its current Gosowong mine this year due to reserve depletion.

Newcrest holds 82.5 percent equity in PT. Nusa Halmahera Minerals, the operator of the Halmahera gold mine, while state miner PT Aneka Tambang Tbk holds the remaining 17.5 percent. (robert)