MINING NEWS – Nyrstar cuts silver 2013 output target 13 pct to 4.7-4.9 mln/oz

London 24/10/2013 – Belgian metals producer Nyrstar said on Thursday that it was lowering its full-year silver production target by some 12.7 percent to 4.7-4.9 million ounces from a previous 5.25-5.75 million ounces.

In its interim statement the company said there was a seven percent fall in third quarter output to 1.17 million ounces from the second quarter’s 1.27 million. So far this year, it has produced 3.54 million ounces, against 4.14 million in Jan/Sept’12.

“After assessing all options in the context of challenged financial performance and a lower precious metal price environment, management took the decision to put the Coricancha mine on care and maintenance.”

“For this reason and given the level of silver production achieved for the first nine months of 2013 at the other mines, Nyrstar believes it is unlikely that full year 2013 silver guidance will be achieved,” it added.

Its gold output fell to 51,100 ounces from 66,200 tonnes.

(Editing by Kathleen Retourne)

Martin Hayes

About Martin Hayes

Martin has spent over 30 years reporting on the LME, both at Reuters and, since 2006, with FastMarkets, where he heads up the global editorial team and continues his passion for Minor Metals.