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Newcrest expects to hit low end of gold target after damage to flagship mine
April 26, 2017 / 11:02 PM / 5 months ago

Newcrest expects to hit low end of gold target after damage to flagship mine

SYDNEY (Reuters) - Australia’s Newcrest Mining Ltd (NCM.AX) said its fiscal 2017 gold production tally would come in at the low end of guidance of between 2.35 million and 2.60 million ounces due to a seismic event earlier this month that rocked its flagship Cadia mine in Australia.

“FY17 group gold production is expected to be around the bottom end of the guidance range,” Newcrest said.

Gold production of 168,579 ounces from the Cadia mine in the March quarter was slightly lower compared with the previous quarter, according to the company.

However, Newcrest maintained production guidance for the Cadia mine of between 730,000 and 820,000 ounces of gold as well as about 65,000 tonnes of copper this financial year.

Reporting by James Regan

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