Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Newcrest Mining Limited    NCM   AU000000NCM7

News SummaryMost relevantAll newsSector news 

Newcrest Mining Limited : Newcrest Mining Cuts Its Full-Year Gold Production Guidance

04/23/2012 | 07:28pm US/Eastern

Newcrest Mining Ltd. (NCM.AU, NCMGY, NM.T), Australia's largest producer of gold, again cut its output target for the financial year Tuesday following heavy rains and production disruptions at key operations.

Gold production for the year through June is now expected to be between 2.25 million and 2.35 million ounces, rather than the 2.43 million to 2.55 million previously forecast, the Melbourne company said. It also reduced its guidance for annual copper production to a range of 70,000 to 75,000 metric tons from the 75,000 to 80,000 tons previously forecast.

Newcrest said it produced 532,237 ounces of gold and 18,072 tons of copper in the March quarter, down 12% and 10% respectively year-on-year.

The gold producer in February warned its production target for the year was at risk due to continuing disruptions to its Lihir mining operations in Papua New Guinea.

The production forecast was cut in December from an August estimate of a rise in output to as much as 2.925 million ounces. Newcrest produced 2.7 million ounces in the last financial year, assuming a full year of output from Lihir Gold Ltd., which it bought for roughly A$9.5 billion (US$9.8 billion) in a deal that became effective in August 2010.

Newcrest operates eight mines in Australia, Indonesia, Ivory Coast and Papua New Guinea.

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

React to this article
11/24 NEWCREST MINING : Cadia Concentrator 1 SAG mill back in operation
11/22DJAustralian Shares Gain; Most Asian Shares Weaker
11/17DJNewcrest Mining Teams With Antam to Explore Indonesia
11/12 MACMAHON : Newcrest Mining - Contract awarded to Macmahon for the Telfer open pi..
10/28DJNEWCREST MINING : Expects Disruption at Cadia Gold Operation to Last Several Wee..
10/21DJAustralia Shares End Higher With Lift From Resources
10/19DJNewcrest Holds to Full-Year Guidance After Output Drops
10/02 EVOLUTION MINING : Newcrest divests remaining interest in Evolution
10/01 NEWCREST MINING : Update on Telfer Future Options Review
10/01DJNewcrest Offloads Stake in Australian Gold Miner
News chart
Full-screen chart
Income Statement Evolution
More Financials