Shares in Newmont (TSX: NGT; NYSE: NEM), the largest gold miner, fell nearly 5% in New York by mid-Wednesday after the company suspended underground operations at its Cadia mine in Australia following a 4.5-magnitude earthquake in New South Wales.
Specialist teams are inspecting and assessing the underground infrastructure at Cadia, one of Australia’s largest gold and copper operations, before management decides when to resume operations, the company said in release.
Any prolonged disruption could weigh on output from one of Newmont’s key assets.
No injuries
All underground workers were accounted for and returned to surface, with no injuries reported, Newmont said.
The quake, classified as light to moderate seismic activity, was followed by two aftershocks late on Tuesday into Wednesday morning, the company said.
The miner’s shares were last trading at $113.52, down 4.8% from Tuesday’s close, giving the company a market capitalization of about $123 billion.
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