Newcrest Mining Set To Resume Production At Ivory Coast Mine

Newcrest Mining Ltd. (NCM.AU) said Tuesday that it is set to resume production at its Ivory Coast mine after losing roughly 8,000 troy ounces a month of output during recent political strife.

The Melbourne-based company, Australia's largest gold producer, said in a statement that it expects to restart production at its Bonikro mine in early June, following the resolution of conflict over the presidential election result in the West African country.

"Mine management are progressively returning to the mine site and all employees are undergoing comprehensive reinductions and being provided with a range of support," Newcrest said, adding it had experienced no security problems during the period of civil unrest.

Newcrest suspended operations at the mine in late March, leaving a small team of security personnel on site to protect the plant and equipment.

London-based Cluff Gold PLC (CLF.LN) in March suspended operations at its Angovia mine in the country due to a shortage of fuel, explosives and other supplies. Africa-focused Randgold Resources PLC (GOLD), however, continued to operate throughout the political conflict, and early this month said it produced 54,968 ounces at its Tongon mine in the three months through March, nearly double the previous quarter when the mine was commissioned.

Newcrest's Bonikro mine produced 3,970 ounces of gold in the first quarter compared with 23,646 ounces in the final three months of 2010.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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