Gold miner Newcrest Mining Ltd
(ASX:NCM) has downgraded its full year production guidance due to extended commissioning and ramp-up at its Hidden Valley project.
The miner now expects gold production at the lower end of its guidance for fiscal 2010 of between 1.81 and 1.91 million ounces of gold.
Newcrest maintained its guidance for copper production at the higher range of 85 to 90 kilotonnes for the year.
For the third quarter the gold miner produced 416,651 ounces of gold, down 6% on the previous quarter.
The result was in line with expectations at all sites except Hidden Valley where ongoing commissioning issues hampered produced ounces.
Copper production was 20,598 tonnes with increased output expected during the upcoming quarter.
Newcrest currently has a takeover offer on the table for fellow gold miner Lihir Gold Ltd (ASX:LGL), a combination of the two companies could create the world’s fourth largest gold company.
Newcrest Mining recorded a $248.1 million profit for fiscal year 2009.
