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Newcrest Sees 20% Drop in Production

Gold production for Newcrest Mining Limited declined 20% after disruptions at its Cadia Valley and Lihir mines.

Production of gold ore for the quarter ending Dec 31, 2011 was 579,073 ounces and this was much lower than the 722,783 ounces that the company produced in the quarter ending Dec 31, 2010. The reason given for this lower production was in part the extreme rainfall that the mines faced in September last year.

Another reason was the ground slip at the Cadia Valley mine in Australia. The ground slip which occurred in November managed to block access to the open pit mine and disrupt production. Although the higher production in the Gosowong mine in Indonesia did make up for some of the low production, it did not help a great deal.

Newcrest Gold has now lowered its full year production forecast for the year 2012 to between 2.43 million and 2.55 million ounces. In 2011 the company had forecast a production of 2.7 million ounces, which it failed to meet.

Besides gold, Newcrest Gold also mined 18,171 metric tons of copper this year as compared to 17,712 tons of copper the year before. It is now hoping to produce 18,900 tons of copper in 2012.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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