Problems in Papua New Guinea have forced Newcrest Mining Limited (ASX:NCM) to cut its estimate of full-year gold production by up to 5.4 per cent.
The company says a high voltage switchgear at one of its power stations failed and interrupted production, forcing the plant to run at reduced capacity.
As the world’s fifth-largest gold miner by production, the estimate cut adds to recent production obstacles at its Bonikro gold mine on the Ivory Coast, after a political and security situation suspended operations for more than two months.
Newcrest Mining booked a net profit of $466 million, in the first half of 2011.
