Gold News

Newcrest warns of lower gold output

Those investing in gold may be interested to read that one of Australia's biggest mining firms has confirmed its output will be impacted by the recent Apache Energy gas facility explosion.

Newcrest Mining has warned that its Telfer mine is likely to see lower production as a result of disrupted power supplies arising from the incident.

The company said that it may suffer from a loss of up to 30,000 ounces of gold at the mine, potentially having a knock-on effect on the firm's full-year output - something that may have an upward effect on gold prices.

Its statement read: "The gas outage has resulted in strong competition for diesel fuel in Western Australia. Supplies are limited and delivery resources are currently stretched, making security of supply uncertain."

Last week, Apache Energy said that natural gas output at the affected plant may be disrupted for up two months - something that could have a significant effect on gold mining operations and prices.

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