According to Mining News Pro - Pretium said the change in the production outlook is due to lower estimated gold grades.

Gold production of 354,405 oz. from the Brucejack mine last year at all-in sustaining costs (AISC) of $888 per oz. is in line with earlier forecasts.

The miner said it expects to release an updated life of mine plan by the end of March, which will include a resource and reserve update for Brucejack.

Last year, the mine generated $184.2 million in free cash flow, allowing the company to reduce its total debt by $180.4 million.

This year, with 325,000 oz. to 365,000 oz. of gold expected, AISCs are forecast at $910 to $1,060 per oz. which includes costs related to ongoing lateral development and one-time sustaining capital items.

The NI 43-101 compliant report updated reserves for Brucejack to 16 million tonnes at 12.6 g/t gold for a total of 6.4 million oz., primarily comprised of the 5.8-million oz. Valley of the Kings zone.

Pretium also said its is planning a leadership transition. Meanwhile, Joseph Ovsenek will remain at the helm.

At market close Wednesday, Pretium’s stock was down over 21%. The day’s trades reached nine million, over seven times the average daily volume. The company has a $1.3 billion market capitalization.