Photo by: Bloomberg
PERTH (miningweekly.com) – Takeover target Norton Gold Fields has reported lower production during the quarter ended March, compared with the previous quarter.
During the quarter, Norton produced 38 277 oz of gold, compared with 50 398 oz of gold delivered in the previous quarter, as the Paddington operation, in Western Australia, delivered above expectations.
Norton noted that the Paddington operation continued to perform above budget in terms of ore development, tonnes mined and ounces produced.
C1 cash costs, which reached A$1 144/oz during the March quarter, were higher than the A$783/oz reported in the last quarter, but below budget, Norton said. This was mainly owing to a mill shutdown maintenance in March, lower mill grade and drawing down of stockpiles.
In addition, the wall slippage at the Wattlebird mine resulted in higher mining costs. The total ore tonnes mined during the quarter were also lower than expected owing to the wall slippage at Wattlebird.
Norton had maintained its 2015 production guidance of between 182 000 oz and 190 000 oz, at a C1 cash cost of between A$870/oz and A$920/oz.
The gold miner was currently the subject of a takeover offer from its major shareholder, Zijin Mining, which was offering Norton shareholders 20c a share for all the shares it did not already own.