Newcrest sees steady 400000 oz gold output in Indonesia

20-Apr-2012 Intellasia | Reuters | 7:05 AM Print This Post

Australia’s Newcrest Mining, the world’s no.3 gold producer, sees steady gold output of 400-450,000 ounces this year from its Gosowong mine in Indonesia, an executive said on Tuesday.

“We are producing about 400,000 this year, probably closer to 450,000. That’s the sort of level we’ve had in previous years, and we’re expecting to maintain a 400,000 profile going forward,” said Brett Fletcher, executive general manager, at a mining conference in Jakarta.

Newcrest in January said it expects its total gold output for the year to June 2012 to fall to between 2.43 million and 2.55 million ounces, from 2.7 million ounces a year earlier.

Newcrest said last month it expected that its stake in the Gosowong mine will not be affected by a new Indonesian law limiting foreign ownership in mines to no more than 49 percent. Newcrest owns 82.5 percent with the rest owned by Indonesia’s PT Aneka Tambang.


Category: ResourceAsia

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