Newcrest Mining Records 6% Drop in Gold Output

21 April 2010 (Last Updated April 21st, 2010 18:30)

Newcrest Mining posted a 6% drop in gold output for the quarter ended 31 March. Full-year production could fall short of the bottom of its previous production target of 1.81 million to 1.91 million ounces. Newcrest’s gold output for the March quarter stood at 416,651oz, which

Newcrest Mining posted a 6% drop in gold output for the quarter ended 31 March.

Full-year production could fall short of the bottom of its previous production target of 1.81 million to 1.91 million ounces.

Newcrest’s gold output for the March quarter stood at 416,651oz, which is below the expected 430,000-450,000oz.

The fall in gold output has been blamed on a longer-than-expected start-up of its Hidden Valley mine in Papua New Guinea and less rich ores at its flagship Telfer deposit in Australia.

The output from the Telfer mine also dropped to 152,495oz of gold and 8,086t of copper versus 186,410oz of gold and 9,450t of copper the previous quarter.