Newcrest Lowers Gold Production Forecast for 2020

SEATTLE (Scrap Monster): Newcrest Mining- Australia’s largest listed gold miner announced that it has lowered its gold production forecast for the current year. The lower forecast is mainly on account of the reduced output due to sale of the Gosowong mine in Indonesia.

According to Newcrest press release, the gold output forecast for fiscal 2020 has been reduced to between 2.1 million ounces and 2.2 million ounces. It must be noted that the company had earlier expected 2020 fiscal gold production to range between 2.38 million ounces and 2.54 million ounces.

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The sale of 100% of Newcrest Singapore Holdings Pte (NSH), which owns 75% of PT Nusa Halmahera Minerals (PT NHM), which operates the Gosowong gold mine in Indonesia was finalized recently. The mine, one of the largest gold mines in Indonesia, had recorded production of 190,000 ounces of gold in the 2019 financial year.

Meantime, the company declared that drilling is in progress at Red Chris copper and gold mine in British Columbia, Canada, in which the company had recently acquired 70% joint-venture interest. Also, it reported steady expansion of drilling at Havieron in the Paterson region of Western Australia.