Market Watch reports that Newmont Mining Corp. (NYSE:NEM) was hit Thursday after the world’s second biggest gold producer lowered its estimated 2011 gold output, lessening the glow off a 46% jump in its fourth-quarter profit.
The market news is quoted as saying:
The miner said it expects 2011 gold production to be around 5.1 million to 5.3 million ounces, a drop from its 5.3 million to 5.4 million estimate in November. The downward adjustment reflects primarily lower production at its Batu Hijau mine in Indonesia. The company put its 2011 copper output in a range between 190 million to 220 million pounds.