Gold News

Inmet lowers annual gold production target

Inmet Mining Group revealed yesterday (July 28th) that it has slashed its 2009 gold production target after disappointing output in the first half of the year.

The Canadian firm revealed that processing was affected by lower ore grades and reduced mine volumes, despite the increase in Gold Prices so far in 2009.

As a result, the company confirmed that it is now targeting gold production of 230,000 ounces, down from a previous estimate of 241,500 ounces.

The news will presumably be welcomed by anyone with a Gold Investment, as lower supply naturally pushes demand higher and can have a positive impact on prices.

Last week, Newmont Mining, the world's second-largest gold producer, revealed that it has also been forced to change its full-year output prediction for 2009.

The company has struggled with the launch of its major Boddington mine in Australia as a result of excessively wet weather in the country and declines in its contract workforce.

With that in mind, it has now lowered its annual target from between 5.2 million and 5.5 million ounces to a range of 5.2 million and 5.4 million ounces.

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