Newmont slips after cutting copper forecast

Newmont Mining shares lost 2.59% on Friday after the company revised its copper production forecast from 170 to 145 million pounds for the year.

The company made the announcement on Thursday, blaming lower than expected output at its Australian operation and lower than expected ore grade processed at Batu Hijau in Indonesia.

The firm has a $12 billion market cap. Its shares were trading at $25.62 by Friday afternoon. Year-to-date, the company has lost 43% of its share price.

The miner will report third-quarter results at the end of the month.

But Newmont is not alone. The gold price fell as low as $1,259 an ounce on Friday, dragging major gold miners with it.

Barrick Gold Corp lost 3.42% and GoldCorp 2.64%.

See also: 'Liquidation binge' briefly halts gold trading Friday