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Newmont cuts gold output forecast on COVID-19, operations hit -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Newmont Corp representatives meet with visitors at their booth at Prospectors and Developers Association of Canada’s annual conference, Toronto (Ontario, Canada), March 1, 2020. REUTERS/Chris Helgren

(Reuters] – The world’s leading gold producer Newmont Corp has cut its production forecast for this year due to COVID-19 impact and operational issues. It posted a 28% decrease in adjusted profit during the third quarter on Thursday.

Boddington, Australia’s company’s gold mine, was struck by severe weather in Australia. Production at Nevada’s Nevada mines will also be affected.

Newmont now anticipates that attributable production will be approximately 6,000,000 ounces, up from 6.5 Million in earlier forecasts.

The company also said its Tanami mine in Australia was placed under care and maintenance in late-June and July as a result of Covid-19 restrictions, reducing the site’s full-year production by about 40,000 ounces.

Newmont said that it expected its Canadian plants to produce below the annual forecast or at the lower end due to Covid-related absenteism as well tightening the Canadian labor market.

From $670 million (or 83 cents per shares) in the prior quarter, the adjusted profit decreased to $483 million or 60 cents per sen in the period ended Sept. 30 from $670 million.

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