Newcrest reports steady growth
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Newcrest Mining’s $214 million West Dome stage eight upgrade at its Telfer mine in the Pilbara is progressing while the feasibility study for its Havieron project has again been pushed back.
The board of Australia’s largest goldminer approved the West Dome stage eight cutback at Telfer in November, to extend the life of the gold and copper mine until FY25.
The facility achieved its first ore production in the December quarter, with mining rates and cutback performance above expectations.
The Telfer operation produced 87,985 tonnes of gold and 3,256t of copper for the December quarter.
Newcrest’s proposed Havieron development east of Telfer is still waiting on the completion of a feasibility study.
The mining giant produced a total 512,130t of gold in the quarter, down from 527,115t in the pervious period.
“We were also delighted to extend the life of Telfer with approval of the West Dome stage eight cutback,” interim chief executive Sherry Duhe said.
“Following a solid start to the year we remain confident in delivering a stronger operating performance through the second half of FY23.
“With the continued strong momentum in gold and copper pricing, a competitive cost structure assisted by favourable exchange rates, and clear progress across our key growth projects, Newcrest is very well positioned to deliver superior returns for our shareholders.”
More to come…