Newcrest cuts gold output guidance

NEWCREST Mining has downgraded its full year gold production guidance following a power failure at its Lihir operations in Papua New Guinea.
Newcrest cuts gold output guidance Newcrest cuts gold output guidance Newcrest cuts gold output guidance Newcrest cuts gold output guidance Newcrest cuts gold output guidance

Australia's largest gold miner now expects full year gold production to come in at 2.7 million ounces for the year after a high voltage switchgear failure in the power station at Lihir caused the processing plant to operate at reduced capacity.

In its March quarter report, Newcrest flagged production guidance of 2.82Moz (+/- 35,000oz) which was a downgrade from its previous guidance of 2.85-2.95Moz for the period.

Newcrest said repair work in the power station had begun and a phased return to full operating capacity was planned over the next three weeks.

Copper production and cost guidance were unaffected by the interruption.

The miner also mentioned production delays at other unnamed sites contributed to the downgrade in production guidance.

Shares in Newcrest were last trading at $37.66.

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