Gold Road Resources warns of lower output from Gruyere mine
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The news: Gold miner Gold Road Resources said it expects full-year production at its Gruyere mine in Western Australia to be at the lower end of guidance, even as output edged up in the June quarter.
The numbers: Gold Road anticipates full-year output to be at the bottom end of its guidance range of 325,000 to 355,000 ounces.
All-in sustaining cost is anticipated to be around the top end of guidance of between $2,400 and $2,600 per ounce.
Gruyere, which Gold Road jointly owned in a 50:50 joint venture with South African miner Gold Fields, produced 72,980 ounces of gold for the June quarter, up from 71,226 in the previous quarter.
The context: In March, Gold Road warned of lower production out of Gruyere following the failure of two conveyor belts and unforeseen maintenance on its primary crusher.
The miner, which is set to be acquired by Gold Fields, said the $3.7 billion takeover is progressing as expected, with Gold Road shareholders due to vote at a scheme meeting in September.
The source: ASX
