Melbourne, Australia–(Newsfile Corp. – August 11, 2021) – Newcrest Mining Restricted (ASX: NCM) (TSX: NCM) (PNGX: NCM) is delighted to announce that it will carry on with the West Dome Phase 5 cutback (the “cutback”) at its Telfer operation in Western Australia. The cutback underpins the continuity of functions at Telfer, with more mine existence extension possibilities to be assessed in the open pit and underground.
Telfer is strategically effectively positioned in the very potential Paterson Province, with its current infrastructure and processing ability giving positive aspects to the close by Havieron Task (operated by Newcrest under a Joint Venture Agreement with Greatland Gold) and Newcrest’s other exploration initiatives in the location.
The Newcrest Board has approved A$246 million (~US$182 million(1)) of funding for the cutback and Newcrest has entered into a agreement for the performs to be carried out. The cutback is positioned amongst West Dome Phase 2 and West Dome Stage 4, the two of which will keep on to be mined in conjunction with Stage 5.
Drilling in the location in between the Phase 2 and Stage 5 boundary has also returned favourable results to day, offering additional chances to prolong the daily life of the West Dome. No supplemental permits, licences or regulatory approvals will be expected for the cutback. There is no intention to undertake any additional gold price hedging in relation to this cutback expense.
Newcrest Controlling Director and Chief Executive Officer, Sandeep Biswas, explained “This cutback is an financial investment in Telfer’s potential which will be certain the operation is able to proceed for at minimum the next two yrs(2). With more drilling, we believe that there is the prospective for further mine lifetime extensions in the open pit and the underground further than this time. With the exceptional progress we are earning at the nearby Havieron undertaking, our goal is to continue on utilising the Telfer plant without interruption as we search to introduce Havieron and other new likely feed sources in the long run.”
Production stripping for the Phase 5 cutback will begin in September 2021, with to start with ore output anticipated to be delivered to the Telfer mill in March 2022(2).
Authorised by the Newcrest Disclosure Committee
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1 Converted to USD using the place AUD:USD trade amount of .74
2 Subject to sector and running conditions
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