AAP
Gold miner Newcrest Mining has downgraded its full year gold production guidance due to a power malfunction at its Lihir operation in Papua New Guinea.
The company said it now expects production of around 2.7 million ounces (oz) of gold in calendar 2011, down from the previously advised 2.82 million oz.
Newcrest said there had been a high voltage switchgear failure in the power station at Lihir that had interrupted production.
The processing plant is currently operating at reduced capacity as a result.
Repair work on the power station had begun, and a phased return to full operating capacity was planned over the next three weeks, Newcrest said.
There also had been minor production delays at other sites, it said.
Copper production and cost forecasts remain unchanged.
Thursday’s production downgrade follows a downgrade in April due to abnormal weather in Australia and PNG and political unrest in West Africa’s Ivory Coast.
[Newcrest also owns a 50% stake in the Hidden Valley gold mine in Papua New Guinea]
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