Newcrest Mining Limited
Newcrest Mining Limited
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Lundin Gold has flagged a 6.5% increase in 15-year LoM costs for its ramping underground Fruta del Norte Gold Project in SE Ecuador, which produced 28,678oz gold by the end of 2019 and is expected to reach commercial production in the 2nd qtr of 2020.
However, forecast LoM AISC has increased from $US583oz to $621oz, with unspecified operating costs/concentrate transport charges also marginally higher, albeit partially offset by also unspecified lower sustaining capital costs.
Australian major Newcrest has strengthened its interest in the near-production Fruta del Norte underground gold-silver mine in SE Ecuador by building its shareholding in Canadian miner Lundin Gold from 27% to 32%.
Newcrest has purchased 11M Lundin shares from Kinross Gold for $C79.6M at $7.25ps, a 4.2% discount to its last trade price.
Analyst flags Dec 2019 qtr Australian gold output rise after Sept qtr fall as local gold mine control doubles to 60% from 2002
The three-year dispute between contractor Macmahon and Australian gold mining leader Newcrest over the Telfer gold project in WA has finally been settled.
Macmahon says it has signed a new agreement with Newcrest for increased rates on contract work at the mine.
It’s not giving details of the agreement, but says it now expects the Telfer contract to be cash-flow positive over its remaining term to Jan 2023.
CEO-MD Michael Finnegan reiterates Macmahon’s FY20 guidance of $A1.2-1.3B revenue and $80$90M EBIT.
Australia’s Newcrest Mining is tapping big data and block caving to delve deeper into the earth’s crust for mineral riches that just a handful of years ago would have been too costly to extract, Reuters reports.
Experience in block caving helped the country’s biggest listed gold miner find extra value in its $US807M acquisition of Canada’s Red Chris mine in March, CEO Sandeep Biswas has confirmed. The method is now opening up access to deeper, once uneconomic deposits and also has a smaller environmental footprint than open pit mining.
A new mining method to take miners deeper at acceptable costs is already being used by gold major Newcrest Mining at its recently acquired Red Chris mine in Canada.
Newcrest Mining, one of the world’s biggest gold miners, has had a bad start to the June 2020 year (FY 20) with Sept 2019 qtr (Q1 20) gold production from all 4 of its major mines down 23% on Q4 19 to 512,000oz.
FY20 gold guidance is already under FY19’s 2.49Moz, with expectations at 2.3Moz-2.5Moz.
Australian major Newcrest Mining has given the go-ahead for the $US685M expansion of its flagship Cadia gold-copper mine in NSW, comprising the start of work on the underground mine’s panel cave 2-3 and increase in the process plant nameplate capacity to 33Mtpa.
First production from PC2-3 is targeted for FY23.
A second stage of the expansion plan, still subject to feasibility studies, proposes increasing the processing capacity to 35Mtpa at a capital cost of $180M is set for completion in FY22.
All operations move into positive cash-flow as higher production and lower costs deliver increased profits and improved balance sheet for Australian miner Newcrest Mining.
Australian mining leader Newcrest is ready to begin implementing plans to unlock significant further value after completing its acquisition of a 70% interest and management of the Red Chris mine in BC, Canada.
Newcrest is paying about $US825M cash including near-term debt and working capital adjustments to Imperial Metals, which retains 30%.
Red Chris is targeted to produce 72-76Mlb copper and 36,000-38,000oz gold from its single openpit in 2019.