Newcrest downgrades Gold output guidance
Newcrest said the mid-point of the revised guidance was around 10 per cent below the original minimum guidance level.
Newcrest Mining Ltd has downgraded its gold output guidance for the 2012/13 financial year, saying the original target is no longer achievable.
In a statement to the Australian Securities Exchange, Newcrest said it has revised its guidance to between 2-2.5 million ounces, the mid-point of which is around 10 per cent below the original minimum guidance level.
"Primarily as a result of the restricted production capacity at Lihir and continuing challenges with poor ground conditions at Gosowong (Indonesia), the company has determined that the original guidance provided for financial year 2012/13 gold production is no longer achievable," said the statement.
Newcrest said the mid-point of the revised guidance was around 10 per cent below the original minimum guidance level.
Annual copper production guidance remains unchanged at 75,000 to 85,000 tonnes, while full year site cost guidance and full year capital guidance were unchanged.
In Papua New Guinea, production at Lihir is in the range of 620,000 to 680,000 ounces, while Gosowong production is in the range of 300,000 to 325,000 ounces for the 2013 financial year.
Newcrest has decided to undertake a complete repair of its autoclave at Lihir to ensure a long-term, reliable and safe performance.
Last month Newcrest reported that first half profit dropped by 51 per cent due to weaker production and sales.
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