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* World no. 3 gold miner Newcrest cuts fiscal 2012 output
guidance
* Major mines in Papua New Guinea, Australia struggle to hit
output targets
* Cites under-investment and heavy rains for revisions
* Says flagship Lihir mine to yield 700,000-900,000/oz in
FY2013
SYDNEY, April 24 (Reuters) – Newcrest Mining,
the world’s No.3 gold miner, on Tuesday cut its production
forecast for this year, saying its major projects had struggled
to reach output targets.
Newcrest said its Cadia East development in Australia had
been impaired by heavy rains, while long-term under-investment
in equipment maintenance at a gold processing plant at its Lihir
mine in Papua New Guinea led to production disruptions.
Newcrest cut its fiscal 2012 production guidance to 2.25-2.35
million ounces of gold from earlier, already lowered, guidance
of 2.43-2.55 million ounces.
For the March quarter, Newcrest reported an 8 percent drop in
production to 532,237 ounces of gold against the previous
quarter but said cash margins remained robust at $A978 an ounce
against costs of A$609 an ounce.
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