Newcrest cuts production targets

GOLD miner Newcrest has cut its production targets by about 10 per cent due to ongoing challenges at its Lihir operations.

Newcrest, which also announced a series of executive changes, reduced its gold production guidance to 2.00 to 2.15 million ounces for the 2013 financial year, which is about 10 per cent below its original forecast.

Shares in Newcrest were down by $1.13, or 5.17 per cent at $20.74 at 1420 AEDT.

"Primarily as a result of the restricted production capacity at Lihir and continuing challenges with poor ground conditions at Gosowong (Indonesia), the company has determined that the original guidance provided for financial year 2012/13 gold production is no longer achievable," Newcrest said in a statement.

Newcrest said the mid-point of the revised guidance was around 10 per cent below the original minimum guidance level.

Annual copper production guidance remains unchanged at 75,000 to 85,000 tonnes, while full year site cost guidance and full year capital guidance were unchanged.

In Papua New Guinea, production at Lihir is in the range of 620,000 to 680,000 ounces, while Gosowong production is in the range of 300,000 to 325,000 ounces for the 2013 financial year.

Newcrest has decided to undertake a complete repair of its autoclave at Lihir to ensure a long-term, reliable and safe performance.

Repair work is expected to take between five to seven weeks to complete.

The company said its Telfer operation in Western Australia was affected by the heavy rainfall in February associated with Cyclone Rusty but is still expected to reach its original guidance.

Meanwhile, operations at Cadia Valley in NSW and Bonikro in the Ivory Coast are expected to deliver within their original guidance ranges, while Hidden Valley production in PNG is in the range of 80,000 to 90,000 ounces.

Newcrest also announced the appointment of Geoff Day as executive general manager (EGM) of sustainability and external affairs to succeed Stephen Creese who is retiring from his current role as EGM of corporate affairs on July 1.

Chief operating officer Greg Jackson will now focus on special projects, while Lihir EGM Brett Fletcher and EGM Australia and Indonesian Operations Peter Smith will report directly to the chief executive Greg Robinson.

Last month Newcrest reported that first half profit dropped by 51 per cent due to weaker production and sales.

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