Newcrest Mining Limited
Newcrest Mining Limited
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The mining services contract at Newcrest Mining’s Telfer gold mine that triggered a financial crisis for leading Australian contractor Macmahon two years ago has come back to bite it again, with warnings of significant impairment costs if the parties can’t agree to renegotiate the charges. John Feary reports
Australian mining contractor Macmahon has warned it faces up to $A35M impairment if it can’t reach agreement with major Newcrest to renegotiate its life of mine contract at the Telfer gold mine in WA.
Newcrest has agreed to “good faith” negotiations on the mining services contract, but Macmahon says failure to agree on new contract mining rates by Aug 5 could see the companies head to litigation.
Macmahon claims significant changes in the mine plan and program are negatively impacting its costs and returns.
Consultant dismisses media reports Australia running out of gold, despite 4% Mar qtr 2019 fall to 78t from Q4 18, albeit the highest Q1 output since 1998
Global gold leader Newmont Goldcorp is seeking more of the same in the Tanami province of Australia’s NT, signing a $A12M exploration agreement over a highly prospective project area adjoining its Callie mine.
Newmont Goldcorp can earn up to 75% interest in explorer Prodigy Gold’s Tobruk project by funding exploration over 7 years. It will also make $2.5M in staged payments to Prodigy.
It aims to begin ground work within weeks on the prospective Tanami group rocks that host Callie and several smaller deposits.
The US and a group of Pacific allies are proposing to finance a power plant to kick-start the Wafi-Golpu Gold-Copper Mine in Papua New Guinea, jointly owned by Newcrest Mining and Harmony Gold, and one of the world’s largest untapped gold resources, Reuters reports.
The project would be the 1st to be funded by a partnership of the US, Australia, New Zealand and Japan that pledged to support electricity projects in PNG during the Asia Pacific Economic Co-operation Summit in Nov 2018.
The US, Australia, NZ and Japan are believed to be discussing plans for a power plant to kick-off Newcrest/Harmony’s big Wafi-Golpu gold/copper mine in PNG.
Australia-based Newcrest Mining’s Mar 2019 qtr (Q3 19) gold production has dropped about 5% on the prior qtr, hurt by lower production at most of its operations, including its flagship Cadia mine, Reuters reports.
Q3 19 gold output for the country’s largest independent gold miner came in at 623,124oz from Q2 19’s 654,849oz. AISC was down to $US738oz from $826oz a year ago.
Newcrest Mining holds to FY2019 2.4Moz-2.6Moz, despite Q3 19’s 32,000oz gold fall
Burkina Faso-focused gold miner Roxgold has expanded its production horizons with the completion of its potential $US30M acquisition of Newcrest Mining’s 430,000oz inferred Séguéla Gold Project and 11 surrounding exploration permits covering 3,298km2 in Côte d'Ivoire.
The 1st part of the deal is an upfront $20M to secure the project, which includes the 430,000oz inferred Antenna deposit within 5.8Mt at 2.3g/t Au. An initial 28,000m RC and diamond drilling program is scheduled to begin next week.
Australian explorer Antipa Minerals has raised $A5.1M to accelerate regional exploration of WA’s exciting Paterson Province through the placement of 268.8M shares at $0.019ps that has attracted a number of new domestic and international investors.
Antipa says the issue, at a 20.8% discount to its last close, was also well supported by major shareholders.