Australian Newcrest Board har approved two projects moving to the Execution phase, being Stage 2 of the Cadia Expansion Project and the Lihir Front End Recovery Project.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas said “It is an exciting time at Newcrest as we advance our growth pipeline with both of these projects adding value to our existing large scale, long life operations while we pursue the development of Red Chris and Havieron and exploration opportunities globally.”
“Stage 2 of the Cadia Expansion Project increases plant capacity to 35mtpa, enabling an increase in gold and copper recoveries, an increase in production and a reduction in unit costs. Cadia is one of the largest, lowest cost, long life gold mines in the world due to the application of Newcrest’s industry leading block caving technology, and this investment helps Cadia maintain this industry leading position.”
“The Lihir Front End Recovery Project is expected to deliver additional production through an improvement in gold recoveries over the life of the mine. Lihir’s long reserve life makes this improvement in gold recoveries particularly valuable to our shareholders.” “I am pleased that Newcrest is able to generate well paying jobs for people in Australia and Papua New Guinea over the next two years. Stages 1 and 2 of the Cadia Expansion Project are expected to generate direct employment in Australia of approximately 860 people at its peak, whilst the Lihir Front End Recovery project is expected to generate direct employment of approximately 150 people at its peak.” Mr Biswas further said “Both projects demonstrate how we are using innovation and our technical expertise to continually improve our operations. With a strong balance sheet, low cost production, a range of organic growth options and a strong exploration portfolio, Newcrest is well positioned for the future.”
On its website, Newcrest claims that it is the largest gold producer listed on the Australian Securities Exchange (ASX). It is also one of the world’s largest gold mining companies.