Newcrest lowers gold output forecast
Newcrest Mining has said that it expects full-year gold output to be lower than previously indicated.
The firm announced in its latest quarterly results that production is expected to end the current financial year at the lower end of the range of 1.81 to 1.89 million ounces.
It cited problems at its Telfer mine as one of the reasons for the downward revision in output of gold bullion and said it expects production at the facility to be in the region of 630,000 ounces for the full year.
"Telfer production has been impacted by mechanical availability of open pit mining fleet and the processing of harder and more abrasive ores," Newcrest said in a statement.
The announcement comes as global gold output continues to fall. According to precious metals consultancy GFMS, global mine production fell by 0.4 per cent last year - something that may lead to gold prices following an upward trend in the long-term.
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