Gold miners have slashed predictions for the amount of gold they expect to dig up this year in Costerfield, outside Heathcote.
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Company Mandalay Resources says it cannot make up for a "challenging" first half of 2023 by digging up more gold over the next six months.
The Canadian-headquartered operation has been forced to cut its predictions for mines in Costerfield and Sweden by 15 per cent.
"We are taking steps to implement mitigating solutions, which I am confident will be effective," Mandalay president Frazer Bourchier said in a statement to the Toronto Stock Exchange.
Miners have seen less gold in the rocks being dug out from underneath Costerfield and have been investigating and recalibrating its predictions.
They have also been delayed by supply chain issues, chief operations officer Ryan Austerberry told shareholders.
Miners are awaiting a remote underground loader that was initially expected to arrive in the second quarter of the year, but is now expected in the third.
In Sweden, Mandalay's Bjorkdal mine has struggled with personnel vacancies and the amount of gold in the rock it has dug up, Mr Austerberry said.
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Miners dug up 14.664 ounces of Gold at the Costerfield mine in the first six months of the year, along with 1061 tonnes of antinomy.
Costerfield is one of two major mines in central Victoria.
The other one is Agnico Eagle's Fosterville operation based north of Axedale.
The company is expected to release its second quarter results before the end of July.
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Tom O'Callaghan
I grew up in Bendigo and I want to tell your stories.
I grew up in Bendigo and I want to tell your stories.
