Australia's Newcrest again lowers gold output target

In a statement, Newcrest said 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.

MELBOURNE(BullionStreet): Australia's Newcrest Mining Ltd, country's largest gold producer trimed it's production target of the yellow metal again for this fiscal.

In a statement, Newcrest said 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.

Heavy rains and production disruptions at key operations are reported to have influenced the company to cut output again this year, analysts said.

Newcrest Mining has also cut forecasts for copper production for 2012 to 70,000-75,000 tonnes from 75,000-80,000 tonnes.

Newcrest's updated forecasts came as it released its third quarter results.

Gold production for the March quarter was 532,237 ounces, down from 579,073 ounces in the December quarter.

Quarterly copper production fell to 18,072 tonnes from 18,171 tonnes.


Bullionstreet.com
Tuesday, April 24th