Jan. 24 (Bloomberg) -- Newcrest Mining Ltd., Australia’s largest gold mining company, said second-quarter production dropped 20 percent after disruptions at its Cadia Valley and Lihir mines.
Output fell to 579,073 ounces in the three months ended Dec. 31, compared with 722,783 ounces a year earlier, the Melbourne-based company said today in a statement. It produced 18,171 metric tons of copper versus 17,712 tons last year. That compares with UBS AG’s forecast of 579,400 ounces of gold and 18,900 tons of copper.
Production at the Lihir mine in Papua New Guinea in the six months ended Dec. 31 would be about 100,000 ounces lower than planned in part due to “extreme” rainfall in September, Newcrest said last month when it lowered its fiscal year forecast by 6 percent to 2.43 million to 2.55 million ounces. The company halted production at Cadia Hill in New South Wales state in November following a landslide.
Newcrest shares slipped 0.7 percent to A$32.20 yesterday, taking their slide in the past year to 13 percent. Gold for immediate delivery climbed 26 percent over the same period.
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