Newcrest Cuts Gold Production Forecast After Quarterly Drop
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Newcrest Mining Ltd., Australia’s largest gold mining company, cut its production forecast a second time after third-quarter output fell 16 percent on heavy rainfall in Australia and a mine shutdown in Ivory Coast.
Output may be 2.82 million ounces in the 12 months ending June 30, with a margin of plus or minus 35,000 ounces, the Melbourne-based company said today in a statement. The prediction is lower than the forecast of 2.85 million to 2.95 million ounces it made Jan. 25.