Newcrest Mining Limited
Newcrest Mining Limited
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Australia’s Newcrest Mining is planning to raise $A1B ($US655M) to acquire financing for Ecuador’s Fruta del Norte Gold Mine and fund growth projects, increasing its exposure to rising gold prices, Reuters reports.
International miner Newcrest Mining has established a $A20M fund to support host communities at its operations in Australia, Papua New Guinea and Canada in the face of the COVID-19 pandemic.
About half will assist coronavirus preparations and management in PNG, home of its 100%-owned Lihir gold mine on Aniolam Island 900km NW of Port Moresby and 50%-owned Wafi Golpu copper-gold project 65km SE of Lae in Morobe province.
Australian major Newcrest Mining is now targeting a maiden resource in the Dec half-year after confirming it is proceeding to the third stage of its farm-in agreement over Greatland Gold’s Havieron exploration project in WA’s highly prospective Paterson Province.
Newcrest now owns 40% of the project, centred on a deep magnetic anomaly capable of improving the economics and extending the operating life of its Telfer gold mine, 45km to the west.
Revised production guidance for the 12 months ending 30 June 2020 -
Newcrest Mining has cut gold production guidance for the June 2020 year by 10%, recognising the recent divestment of its Gosowong mine in Indonesia and the continued disappointing performance of its Lihir mine in PNG.
Australia’s largest gold producer now expects FY20 production of 2.1-2.2Moz, compared to its prior guidance of 2.3-2.5Moz.
Newcrest Mining has accelerated exploration over the Havieron tenement in Western Australia’s exciting Paterson Province, targeting a maiden resource by end-2020 and commercial production within 2-3 years.
After completing the $US10M first stage of its $65M agreement to earn 70% interest in the tenement from Greatland Gold, Newcrest will drill an additional 20,000-30,000m by end-June while studying the potential to commence an exploration decline this year.
Australian miner IGO is accelerating its exploration involvement in WA’s Paterson Province, committing to sole-fund $A15M of work over 7 years to earn a 70% interest in Encounter Resources’ Yeneena copper-cobalt project.
IGO has exercised its option after an extensive program it funded under the companies’ Nov 2018 agreement and using advanced geophysical and geochemical techniques resulted in the definition of new, large-scale targets.
Record Dec 2019 qtr (Q4 19) gold production lifts Australian CY 2019 output 8t to 325t
Australian giant Newcrest Mining is predicting significantly stronger cashflow in the second half after maintaining statutory profit through a Dec half (H1FY20) marked by substantial investments in future growth.
An 18% increase in gold prices received lifted Newcrest’s H1 revenue to $US1.79B (H1FY19: $1.73B) on production of 1.06Moz (1.2Moz) gold and 62,468t (51,770t) copper at AISC of $880/oz ($747/oz).
PNG mines minister clears the way for JV partners Newcrest Mining and Harmony Gold to reopen negotiations with the national government on a special mining licence for the giant Wafi-Golpu gold and copper project.