Newcrest Mining Limited
Newcrest Mining Limited
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The backing of Australian entrepreneur Andrew Forrest and three major banks has opened a pathway for Greatland Gold to fund its share of development costs for the Havieron project in WA’s exciting Paterson province.
Greatland retains 30% in JV with major Newcrest Mining, which lies 45km E of Newcrest’s Telfer operation.
Forrest’s Wyloo Metals has agreed to invest $A60M, making it Greatland’s largest shareholder with 8.6%, with a further $60M potential investment that would take it to 14.6%.
Explorer Antipa Minerals is set to advance a PFS on its 100%-owned Minyari Dome gold project in Western Australia’s Paterson Province after its scoping study outlined the potential for a $A275M development to produce 975,000oz at AISC of $1,475/oz over 7+ years.
The study, based on a combined openpit and underground resource of 33.9Mt @ 1.6g/t for 1.8Moz gold, 0.19% for 64,300t copper, 0.54g/t for 584,000oz silver and 0.03% for 11,100t cobalt, calculates pre-tax NPV at 7% of $392M, IRR of 34% and 2.5-year payback.
Lower production volumes at Cadia in Australia and Lihir in PNG have seen Newcrest Mining post a 25% drop in its statutory and underlying profit to $US872M for the year to end-June, from $1.16B in the previous 12 months.
Revenue dipped to $4.21B ($4.58B) and cashflow from operations to $1.68B ($2.3B). After paying $1.08B for its Pretium Resources acquisition, free cashflow was negative $868M (positive $1.1B).
Australia's No 1 gold producer Newcrest Mining has stressed its reliance on establishing partnerships with explorers in the search for new drill-stage projects in Tier 1 locations world-wide.
Newcrest's exploration GM Fraser MacCorquodale appealed to delegates at the Diggers & Dealers Mining Forum in Kalgoorlie to bring their projects to the company, promising them its technical capability, flexibility in adopting partnership styles and experience in quickly transforming opportunities into long-term mines.
(MERGERS & ACQUISITIONS)
Newcrest Mining appeals to Australian explorers at the annual Diggers & Dealers Mining Forum for more junior explorers to bring their drill-stage projects to the nation's biggest gold producer.
The story of the Mt Cannindah copper and gold project in Queensland, Australia has been described in an academic paper as one of “perpetual promise and repeated disappointment”, but the latest of its many explorers is finding more to be positive about. Ross Louthean reports
Australian major Newcrest has again stepped up the tempo of its exploration of the highly prospective Paterson Province of WA with the decision to assume management of its farm-in agreement on the Wilki project, 3km from its Telfer gold mine.
After spending its initial $A6M exploration commitment, Newcrest may earn up to 75% JV interest in Wilki by spending a further $54M over four years.
Antipa Minerals has increased its 100%-owned Minyari Dome Gold Project mineral resource, 35km from Newcrest Mining’s Telfer gold‐copper‐silver mine and processing facility in Western Australia, 250% to 1.8Moz gold, 64,300t copper, 584,000oz silver and 11,100t of cobalt at 1.6g/t gold and 0.19% copper.
Australia’s biggest gold miner Newcrest Mining has posted a 10% sequential rise in Mar 2022 qtr (Q3 22) gold output, helped by higher mill throughput at its Cadia mine and the addition of the Brucejack project on the acquisition of Pretium Resources, Reuters reports.
Australian engineer Monadelphous has won Rio Tinto’s nod to carry out upgrades and modifications to the existing plant infrastructure in the Western Turner Syncline Phase 2 mine at its 100%-owned Greater Tom Price operation.
The shutdown work, part of the global miner’s work to maintain production capacity in its WA Pilbara system, is due for completion in the second half of 2022.
The new contract is among new contracts and extensions for Monadelphous in the resources and energy sector, collectively worth $A230M.