Newcrest Mining Limited (ASX:NCM) has confirmed its full year production and cost targets despite reporting a fall in its first quarter output.
The gold miner has attributed the fall to maintenance shutdowns and weather disruptions.
In the three months to the end of September Newcrest’s gold production fell 16 per cent from the quarter before and copper production also eased.
When releasing its full year results in August, Newcrest said it is targeting to produce up to 2.925 million ounces of gold in the 2012 financial year.
In the 2011 financial year Newcrest Mining reported a 63 per cent jump in full-year net profit, coming in at $966 million.
