Newcrest Expects Fiscal Year Gold Production 2.82 Million Oz Vs 2.85 Million-2.95 Million Previously
April 18 2011 - 7:38PM
Dow Jones News
Gold production by Newcrest Mining Ltd. (NCM.AU) this year will
be up to 4.4% below previous forecasts, the gold miner said
Tuesday, after rain events in Australia and Papua New Guinea and
unrest in Ivory Coast cut output from three of the company's key
sites.
The world's third-largest gold miner by market capitalisation,
after Canada's Barrick Gold Corp. (ABX) and Newmont Mining Corp.
(NEM), said that excess rainfall in eastern Australia had hit
production from its massive Cadia Valley operations while drought
north of Papua New Guinea limited supplies of fresh water for its
Lihir Island mine.
Meanwhile, work was still halted at its Bonikro mine in Ivory
Coast as a result of the country's post-election violence, which
last week resulted in the arrest of former president Laurent
Gbagbo, who had refused to cede power to his opponent.
Newcrest said that output in the first three months of the year
came to 604,791 troy ounces of gold, 16% down on the previous
quarter, while copper production rose 13% to 20,098 metric
tons.
Cash costs rose to A$497/oz from A$440/oz in the previous
quarter.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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