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UPDATE 1-Newmont cuts copper output forecast for 2013
October 10, 2013 / 10:11 PM / 4 years ago

UPDATE 1-Newmont cuts copper output forecast for 2013

Oct 10 (Reuters) - Newmont Mining Corp cut its forecast for full-year copper production on Thursday, blaming lower-than-expected throughput at its Boddington mine in Australia and lower-than-expected ore grade processed at its Batu Hijua operation in Indonesia.

The large, U.S.-based gold and copper miner said it now expects to produce 135-145 million pounds of copper this year, down from a previous forecast of 150-170 million pounds. It left unchanged its full year gold production forecast at 4.8-5.1 million ounces.

Newmont, releasing preliminary quarterly operating results, also said it produced 1.283 million ounces of gold and 34 million pounds of copper during the third quarter.

Third-quarter production was boosted by increased mill throughput at its operations in Nevada and higher grades and increased productivity at its Tanami mine in Australia.

Newmont’s 2013 gold production is expected to benefit from increased mill throughput in Nevada and the start of commercial production at its Akyem mine in Ghana later this year.

Preliminary gold and copper sales in the third quarter were 1.263 million ounces and 35 million pounds, respectively.

Newmont will release its third-quarter earnings on Oct. 31. The company’s stock is down 43 percent this year, in line with other big gold producers as the sector takes a pounding from lower gold prices and high operating costs.

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