(Reuters) - Goldcorp Inc (G.TO) on Tuesday cut its 2015 production forecast for its newest mine, the Eleonore gold mine in Quebec, because higher-than-expected “folding” in the underground rock has resulted in lower gold grades.
Goldcorp, the world’s biggest gold producer measured by market value, said it now expected Eleonore to produce between 250,000 and 270,000 ounces of gold this year.
It previously said Eleonore was expected to produce “at or below 290,000 and 330,000 ounces of gold”.
The company is working to adjust its mining design to minimize the impact of the folding in the sedimentary rock, it said.
Goldcorp left unchanged its overall gold production for this year. It said output is still expected at the higher end of a range between 3.3 million and 3.6 million ounces.
Eleonore, which took four years to develop, reached commercial production in April.
Reporting by Nicole Mordant in Vancouver; Editing by Bernard Orr