Newmont says 2019 gold production at mid-point of previous forecast

Dec 6 (Reuters) – Newmont Mining Corp on Thursday updated its five-year production outlook and said it expects gold production for 2019 to be in the midpoint of its previous forecast. The Colorado-based miner sees 2019 output at 5.2 million ounces of gold, from an earlier forecast range of 4.9 million ounces to 5.4 million ounces. The company expects production in 2019 to be driven by its recently completed Subika Underground project in Ghana. The project received an environmental permit to build and operate in March 2017. Newmont said its 2019 North America production will be hurt by depletion of Silverstar ore at Carlin mine and lower gold production at Phoenix mine in Nevada. Newmont reported lower third-quarter profit and revenue in October, hurt by a drop in bullion and copper prices. Spot gold fell about 9 percent from a peak in April when prices were trading around $1,365 per ounce as the U.S.-China trade conflict unfolded against a backdrop of higher U.S. interest rates, denting gold’s appeal.