March 11, 2018 / 10:27 PM / in a year

UPDATE 1-Australia's Newcrest FY18 guidance to be adversely affected by flagship mine closure

(Adds company statement, details on accident)

March 12 (Reuters) - Newcrest Mining Ltd said on Monday its fiscal 2018 guidance would be adversely affected by the closure of its flagship mine following damages to a tailings dam wall.

In its statement to the Australian Securities Exchange, the gold miner did not detail the extent to which the event would affect its 2018 forecast.

The update followed Newcrest’s disclosure over the weekend that its Cadia mine in New South Wales, which accounts for a large share of the company’s ore production, had to be shut after it found a dam wall had collapsed late on Friday.

“Whilst it is too early in the evaluation and recovery process for Newcrest to provide an indication of the extent to which FY18 production, capital and cost guidance will be impacted, this event will adversely impact guidance for FY18 given the contribution of Cadia to the overall outcomes of Newcrest,” the company said in a statement.

The miner said there were no injuries or environmental damage because of the accident. (Reporting by Rushil Dutta in Bengaluru; Editing by David Evans and Peter Cooney)

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