Newcrest Mining is optimistic about the outlook of its project pipeline, including the Havieron project in Western Australia and Cadia expansion in New South Wales.
In its 2020 annual general meeting (AGM), Newcrest stated it has achieved the longest reserve life compared to other gold producers, putting the company in a strong position going forward.
According to Newcrest managing director and chief executive Sandeep Biswas, the Red Chris mine in Canada has the potential to be added to its list of Tier 1 assets.
Biswas said nine drill rigs are working to define Red Chris’ orebody, with the results scheduled for next year.
“These results have given us the confidence to progress work on a decline which we hope to have started by early next year,” he said.
“We are aiming to provide a JORC and NI 43-101 compliant mineral resource statement for Red Chris by the end of March 2021 and complete a pre-feasibility study by the end of September 2021.
“The study is looking at a range of mining options, including a block cave, as well as the option of exploiting the higher grade pods with a stoping operation, ahead of bulk underground mining.”
Newcrest’s exploration and business development team has progressed its profitable growth opportunities.
“We now hold equity interests in a number of interesting projects. Our current exploration pipeline has around 20 projects at various stages of development,” Biswas said.
“We believe that we have transformed Newcrest into one of the best gold producers in the world. We enter the new year in a strong financial position and are well positioned to deliver on our upcoming growth projects.”
Newcrest has also recorded a number of milestones, including single lift block caving at more than 1 kilometres draw height and lower refractory processing costs through selective oxidation.
The gold miner also succeeded in working in hot ground conditions at its Lihir mine and trialled undercut less cavings that could reduce cave establishment costs.
In October, Newcrest also announced it expects to commence the development of a decline at the Havieron project, with commercial production expected within two to three years of the decline.