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Barrick, Newmont's Kalgoorlie Super Pit slashes FY'18 gold output guidance

The Kalgoorlie Super Pit mine reduced its full-year gold output guidance to between 550,000 and 660,000 ounces at all-in sustaining cost of between US$825/oz and US$875/oz, Mining Journal reported July 27, citing Newmont COO Tom Palmer.

The mine had been targeting gold production of between 700,000 and 800,000 ounces at all-in sustaining cost between US$750/oz and US$800/oz for the full year.

The revision was made in the wake of rockfalls in May that suspended operations at the 50/50 joint venture between Barrick Gold Corp. and Newmont Mining Corp. in Western Australia.

Palmer said the rockfalls were likely to impact gold production in 2019 and 2020, according to the report.

Joint venture company Kalgoorlie Consolidated Gold Mines Pty. Ltd. also introduced a hiring freeze due to safety concerns at the northern side of the pit where wall slips occurred May 14 and 15.

Newmont COO Tom Palmer said in the report that mining operations continued in the southern end of the pit. "However, an exclusion zone has been put in place at the bottom of the eastern wall as an additional safety precaution."

Newmont's attributable gold production in the second quarter declined 14% on a yearly basis to 1.2 million ounces, while Barrick's output fell to 1.07 Moz in the quarter from 1.43 Moz a year ago.