Newcrest Mining has reduced its full-year gold production guidance by about six per cent because of a production disruptions and lower grades and recoveries.
The country’s biggest gold miner expects to produce 2.43 million to 2.55 million ounces of gold in 2011/12. This compared with the previous guidance in August of between 2.775 million and 2.925 million ounces.
Newcrest said production at its mine on Lihir Island in Papua New Guinea would be about 100,000 ounces lower than planned after a planned shutdown took longer than expected and extreme rain impeded production.
Production at its Telfer mine in Western Australia would be 50,000 ounces less than planned after feed grades were lower than expected.
The Cadia Valley mine production would be 30,000 ounces lower than expected because of ground slip in the open pit and heavy rainfall in that part of NSW.
The miner said that the revised guidance range was about six per cent below the original guidance level.
Gold production in the December quarter was likely to be between 575,000 and 585,000 ounces.
Full-year copper production guidance remained unchanged at 75,000 to 85,000 tonnes, Melbourne-based Newcrest said in a statement on Monday.
Guidance for 2011/12 capital expenditure would remain at between $2 billion and $2.2 billion and its two major projects at Lihir and Cadia Valley remained on schedule and within budget.
Shares in Newcrest closed down 53 cents, or 1.7 per cent, at $31.07 before the announcement was made.
The miner said that the revised guidance range was about six per cent below the original guidance level.
Gold production in the December quarter was likely to be between 575,000 and 585,000 ounces.
Full-year copper production guidance remained unchanged at 75,000 to 85,000 tonnes, Melbourne-based Newcrest said in a statement on Monday.
Guidance for 2011/12 capital expenditure would remain at $2 billion to $2.2 billion and its two major projects at Lihir and Cadia Valley remained on schedule and within budget.
Newcrest said production at its mine on Lihir Island in Papua New Guinea would be about 100,000 ounces lower than planned after a planned shutdown took longer than expected and extreme rain impeded production.
Production at its Telfer mine in Western Australia would be 50,000 ounces less than planned after feed grades were lower than expected.
The Cadia Valley mine production would be 30,000 ounces lower than expected because of ground slip in the open pit and heavy rainfall in that part of NSW.
Shares in Newcrest closed down 53 cents, or 1.7 per cent, at $31.07 before the announcement was made.
