Newcrest Mining Limited
Newcrest Mining Limited
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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.
The National Court of Papua New Guinea has ruled that Barrick Gold can continue to operate the Porgera Gold Mine while the country’s govt considers an application to extend the lease for the mine, Reuters reports.
The govt is looking into an application by Barrick Niugini, a J/V between Barrick and China’s Zijin Mining Group, for a 20-year extension on Porgera’s special mining lease that expires Aug 16.
Record production and costs performances by the Cadia mine in NSW have helped Australian gold leader Newcrest Mining beat its gold and copper targets at its best recorded unit costs in the year to end June.
Strong fourth quarter performances at its Cadia and Lihir operations has enabled Australia’s No 1 gold producer Newcrest Mining to deliver higher output and record cost performance for the June year (FY19).
Production for the 12 months reached 2.49Moz gold and 105,867t copper at its best-ever group AISC of $US788/oz, improving on FY18’s 2.35Moz gold and 77,975t copper at $835/oz. Despite a small decline in realised gold price to $1,269/oz, Newcrest’s cost margin improved to $531/oz (FY18: $473/oz).
Western Australia-focused Artemis Resources is buying 100% of privateer Rincon Resources for an initial $A2.7M shares plus performance payments, expanding its holdings in N WA’s emerging Paterson Province to 1,140km2, one of the largest landholdings in the region.
Rincon’s main asset is the S Telfer Project, 12km from Newcrest’s giant +25Moz Telfer Gold Mine, the region also including Rio Tinto’s recent Winu gold/copper discovery and Greatland Gold/Newcrest’s Haverion discovery.
Gold miner Silver Lake Resources is joining explorer Encounter Resources’ major shareholders with a 5.3% stake from a $A1.4M raising, joining Independence Group, which is maintaining its 9.2% stake.
Encounter also has multiple, well-funded exploration programs via a series of J/Vs with mining major Newcrest Mining in the Tanami and West Arunta regions of N Western Australia.
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