The share price of the world’s largest gold mining company, Newmont Goldcorp, slumped last week, after the Denver-based miner lowered its guidance for 2019 to 6.3-million ounces, from a previous guidance of 6.5-million ounces.

The company’s stock in New York fell as much as 5.8% to $36.64 per share, before closing 3.4% lower at $37.55 apiece.

Newmont’s North America production is expected to be 1.1-million ounces in 2019 and reflects the impact from the developments at mines that it acquired through the acquisition of Goldcorp in April. The guidance takes into account recent blockades at Peñasquito, in Mexico, and a conveyor fire at Musselwhite, in Canada.

Newmont stated that its attributable production from South America would be 1.3-million ounces, Australia’s production 1.4-million ounces, Africa’s production 1.1-million ounces and the Nevada joint venture with Barrick Gold’s production 1.5-million ounces.

The all-in sustaining costs (AISCs) guidance for 2019 is set at $965/oz.

In the third quarter, Newmont’s attributable production was 1.64-million ounces and, for the first nine months of the year, the miner produced 4.46-million ounces. Third-quarter AISCs were 10% higher at $987/oz on a year-on-year comparison.

However, Newmont’s adjusted net income of $292-million, or $0.36 a share, missed the average analyst forecast of $0.39 a share.

Revenue rose 57% to $2.71-billion for the quarter, owing to higher realised gold prices and higher sales volumes, coupled with the inclusion of a full quarter’s production from the Goldcorp assets.

The company generated $1.08-billion in adjusted earnings before interest, taxes, depreciation and amortisation, as well as $365-million in free cash flow for the third quarter, which CEO Tom Palmer said would build momentum for an “even stronger fourth quarter”.

“We expect to deliver $240-million in annual run-rate improvements by the end of 2019 and exceed our initial synergy targets from the Goldcorp acquisition. We also continued to strengthen our portfolio and advance profitable growth by bringing on Borden, the Ahafo Mill Expansion and Quecher Main on time and within budget.”

Newmont ended the quarter with $2.7-billion in consolidated cash and net debt of $4.8-billion, supporting an investment-grade credit profile.

It also declared a third-quarter dividend of $0.14 a share.