Posted in | Gold

Newcrest's Gold Output Falls 16%

Newcrest Mining has cut down its guidance for gold output for the full year thanks to flooding and suspension of mining operations at the Bonikro mine.

The initial guidance for the gold output had been approximately 2.85 to 2.95 million ounces but the company now expects to have an output of about 2.82 million ounces.

In the March quarter itself the company posted a 16% fall in production. As per the company statement the extreme rain in the east coast of Australia has cut down its production at the Cadia Valley project by roughly 40,000 ounces. It was not just the rain that affected production as at the Papua New Guinea Lihir operation they lost another 40,000 ounces due to the lack of fresh water from low rainfall.

The Ivory Coast based Bonikro mine is also operating below capacity and it has produced 8,000 ounces a month till the June quarter. Mining production is currently suspended at the mine due to the civil unrest in the national following the elections. Despite a drop in its gold production guidance the company has kept its full year copper production target the same. In fact production for copper has been 13% higher in the first quarter for the company.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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