SYDNEY, April 23 (Reuters) - Australia's Newcrest Mining , the world's no. 3 gold producer, said on Tuesday it is reviewing its businesses related to higher cost production at a time of increased costs for the industry and a reduced gold price.
'The recent decline in commodities prices has not been accompanied by a reduction in the strength of the Australian dollar and Papua New Guinean Kina,' Newcrest said in a statement, after posting a 4 percent rise in quarterly gold production.
The Melbourne-based gold miner said it produced 514,421 ounces of gold in the March 2013 quarter, 4 percent higher than the December 2012 quarter, and 19,023 tonnes of copper.
The company stuck to its March gold production guidance for the 2013 financial year of 2.00 to 2.15 million ounces, a downgrade from its original guidance.
It maintained its annual copper production guidance of 75,000 to 85,000 tonnes.
Newcrest, which operates mines in Australia, Papua New Guinea, Indonesia and Ivory Coast, said operating and capital costs continue to be high in the industry.
'With its major projects ramping up and the more challenging external environment, Newcrest continues to review all of its business activities, particularly those related to higher cost current or future production,' the company said.
The stock closed at A$17.01 on Monday, having fallen more than 13 percent since a recent plunge in the gold price.
(Reporting By Maggie Lu Yueyang; Editing by Richard Pullin) Keywords: AUSTRALIA NEWCREST/
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