Newcrest Mining Limited
Newcrest Mining Limited
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Mining major Newcrest Mining’s pre-feasibility study (PFS) has confirmed the potential of the Red Chris Block Cave mine in Canada to develop into a world class, low cost, long-life mine with copper production averaging 80,000tpa and 316,000oz pa gold for an initial 6-years starting in July 2028.
Australia’s No 1 gold producer Newcrest Mining has outlined an organic growth program that projects sustained gold production and a 36% increase in copper output alongside a reduction of more than 50% in costs across its four-mine portfolio over the next 9 years.
The $A3B-plus cost of the program will be funded through Newcrest’s operating cashflow and existing liquidity.
Australian gold major Newcrest has been fined $A105,000 and ordered to pay $6,255 costs over an attack by wild dingoes that resulted in serious wounds to a woman contractor at its Telfer mine in WA’s Great Sandy Desert.
The WA state mines department says the dingoes attacked while the contractor, part of a maintenance shut-down team, was eating a sandwich at an outdoor barbecue area.
The decision by AngloGold Ashanti and its new 30% JV partner Regis Resources in Western Australia’s Tropicana gold mine to proceed with a final cutback to mine deeper ore in the Havana pit will translate into a $A470M revenue boost for contractor Macmahon.
The cutback, to extend the life of the openpit mine by four years from 2023 to 2027, will add 155Mt to the material to be mined from 2024.
Australia's largest gold producer and one of the world’s top 5 gold mining companies Newcrest Mining has set new records for the June 2021 year (FY 21) headed by a best ever underlying profit jump to $US1,164M from FY 20’s $750M and a record statutory profit up to $1,164M from $647M on revenue to $4,576M from $3,922M.
EBITDA was also well up to $2,443M from $1,835M, along with cash flow from operating activities to $2,302M from $1,471M and record free cash flow of $1,104M from a negative $621M.
Newcrest Mining has green-lighted the next stage of growth at its flagship Cadia gold and copper mine in NSW, Australia with approval to commence the feasibility study and $A120M early works program for the PC1-2 panel cave underground development.
The decision follows completion of a PFS outlining $1.26B capital expenditure for a development to access about 20% of Cadia’s current reserves, producing 3.5Moz Au and 660,000t Cu at AISC of $54/oz over a mine life of about 17 years.
Newcrest Mining aims to smooth the transition to the Havieron mine, the first of its prospective developments in Western Australia’s Paterson province, with approval of an additional $246M mine cutback to maintain the continuity of operations at its Telfer plant.
Newcrest Mining has approved a $A246M cutback at its Telfer gold mine, designed to give the venerable West Australian mine at least two more years of life to help it plan a smooth transition to the company’s likely major development of the nearby Havieron deposit.
The company has already entered a contract for the stage 5 cutback of Telfer’s West Dome pit and expects production stripping to begin next month.
Imperial Metals’ net loss for the June 2021 qtr (Q2 21) has blown out to $C5.07M from Q1 21’s $2.54M loss, fuelled by lower income from mine operations, interest expenses, FX costs and increased taxes, with the adjusted net loss much the same out to $5.11M from a $2.56M loss.
Australian explorers must be prepared to go deeper if they were to discover the mineral resources that would sustain future generations of mining activities, gold major Newcrest has told delegates at the Diggers and Dealers mining forum in Kalgoorlie.
Newcrest exploration director Fraser MacCorquodale says discoveries in the top 100-200m and outcrop areas such as his companiy's Telfer (WA) and Cadia (NSW) projects in the 1990s are pretty well exhausted.