yeah they did flag some back in june...but I gather from the article that "more" are being done this week,,,and "more" will cost the company "more"
here is the article dated 25/11/2013
MORE jobs will be axed from Newcrest’s Telfer gold mine in Western Australia next week as the miner continues its attempt to rein in costs.
Responding to the lower gold price coupled with high operating costs, Newcrest said the current market conditions are squeezing margins and fuelling further job cuts.
A Newcrest spokesperson said the company is advising affected workers this week.
The number of jobs that will be lost has not been confirmed but the miner said positions will be lost across its open pit operation as it scales production back.
Newcrest announced the plan to reduce open cut mining operations at the Pilbara site in July, saying it is at attempt to ensure the mine’s future viability.
In October Australian Mining reported gold outputs for the September quarter at the Telfer operation dropped by almost a 25 per cent compared to the three months to June, coming in at 123,691 ounces.
Newcrest at the time explained the drop was due to a “significant reduction in the average gold feed grade”, and lower mill throughput.
A disruption to the company’s underground hoisting system resulted in lower gold feed grades and throughputs as ore was sourced from Telfer’s open pit stockpiles.
“The underground operation returned to planned production levels late in the quarter following the repair of the hoisting system,” Newcrest said.
“A progressive reduction in open pit mining activity is planned for the remainder of the financial year.”
anyhoo,,,,,gold price rebound follows silver in low volume trade ,,catalyst was the "pending home sales" and the short termers killing each other on the basis of FED for longer............AUD stable, HUI down further despite gold surge on data release at 8.30 last night....Standard move really, thought it would have got to 1260 last week but it actually went down further to 1 2 3 4 last night after out close and broke through the 1230 (suprising) to the next level I have 1227 before some covering.......I suppose today it will be a matter of weak shorts VS those that want to get out for a slightly better price....a couple of bucks isn't going to change the prospects for the long term....I missed the pop yesterday to accumulate a few shorts and before I knew it was trending lower,,,,,,maybe I get another chance today,,Ill take it as it comes,better drink some red bull to stay awake...
Good luck
NCM Price at posting:
$8.26 Sentiment: Hold Disclosure: Held
