Newcrest Mining Limited’s (ASX:NCM) chief has reportedly warned to expect an increase in project delays in Australia’s gold mining industry.
According to the Australian Associated Press Newcrest’s CEO Greg Robinson told a conference last week energy costs and taxation issues are making Australia's gold industry a third and fourth quartile industry.
Mr Robinson also blamed high labour costs and a strong local currency for making it very difficult to allocate major expansionary capital.
Newcrest cut its full year gold and copper production guidance in April citing rising costs in labour, a fall in productivity and the strong Australian dollar.
Shares in Newcrest dropped 3.25 per cent on Friday, finishing the week at $24.11.
Newcrest Mining generated a net profit of $684 million in the first half of its 2012 financial year.
