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Havieron referenced in this article but can't get access as it's sub - Can anyone get access? If so, pls post it up
https://www.afr.com/companies/mining/gold-boom-prompts-newcrest-to-ponder-telfer-extension-20200814-p55lne
Peter Ker - 15 August 2020
'High gold prices could provide a lifeline for Western Australia's Telfer mine, with Newcrest Mining considering an option to extend its life by investing in the extraction of ore that was previously considered sub-economic.
Article is only available to subscribers
Tig
Sometimes a newbie to the site will be allowed a ltd number of free articles...
''Telfer was expected to close in 2023 unless the nearby Havieron discovery could provide a new source of high grade gold, but Mr Biswas' comments on Friday ''. From the article, googled
this is interesting -
'Biswas sees long-term value in SolGold, says Newcrest talking to 'plethora' of juniors.' Who are the 'juniors'? Another subs article
https://www.mining-journal.com/gold-and-silver-news/news/1393110/newcrest%E2%80%99s-biswas-bats-off-solgold-sale-rumours
Peter Ker article:
High gold prices could provide a lifeline for WA’s Telfer mine, with NCM considering an option to extend its life by investing in the extraction of ore that was considered sub-economic.
The study into extending Telfer’s life comes as many Australian miners raise the internal gold price forecasts which are a crucial input when disclosing to investors how much gold they can extract from mines in future.
Mining companies can extend the official lifespan of mines with the stroke of a pen by adopting a higher gold price assumption, which also less viable geology to become part of a mine’s official “resources and reserves”.
Northern Star adopted 1 17% higher gold price of $1750 per ounce on Thursday for official calculations of its qualified gold reserve, and 1 29% higher price for the calculation of its gold resources: geology classified to a lower level of confidence.
Australia’s third biggest producer, Evolution Mining, raised its price assumption for gold reserves in February from $1350 per ounce to $1450 per ounce.
Despite ebing increased, both miners’ reserve price assumptions are conservative compared to the $2734 per ounce that gold was fetching on Friday in Australian dollar terms.
Fresh from reporting Newcrest’s best profit in 8 years, chief executive SB said his company had not deviated from using US$1200 per ounce to calculate its gold reserves, but he said the future of Telfer could look much rosier if current gold prices were assumed.
There are resources [at Telfer] that are not in reserve that could make sense at higher prices. “We are right in the middle of evaluating that right now, whether there is another cutback that we could or should be doing at Telfer, taking advantage of the current high pricing,” he said on Friday.
Newcrest spent $93 million doing what was expected to be the last “cutback” at Telfer in 2017and 2018, in works that extend the mine’s life to about 2023.
Telfer was expected to close in 2023 unless the nearby Havieron discovery could provide a new source of high grade gold, but Mr Biswas’ comments on Friday suggest high gold prices may reduce the urgency surrounding development at Havieron and trigger further investment in Telfer.
The decline of Telfer is one of several factors that are expected to crimp Newcrest’s gold production in the next 5 years, as its flagship Cadia mine is also past peak production and the Lihir mine in PNG is working through several years of unattractive geology.
Newcrest’s gold production was 12% lower over the past year than in fiscal 2019, and could be up to 22% below fiscal 2019 levels in the year ahead.
Mr Biswas has acquired stakes in assets in Ecuador and Canada in a bid to offset the declines in its existing mines, but those options will require several years and large amounts of investment before they start delivering gold.
...
“We are after margin, not ounces and we don’t feel the imperative to fill the (volume) gap at ay cost,” he said on Friday.
But Mr Biswas did not rule out more acquisitions despite needing to invest heavily in Newcrest’s existing growth assets.
!I think Newcrest is unique in terms of it actually has a growth profile,” he said.
“In this industry you don’t know when opportunity comes knocking, we still have a strong exploration profile and we are still talking to a plethora of junior companies.”
Standard and Poor’s said Newcrest’s strong balance sheet should be able to cope with the imminent rise in capital spending on growth options in Canada and WA.
“Healthy free cash generation ad a strong balance sheet should support the company as it enters a period of growth and likely higher capital intensity,” said the ratings agency on Friday.
Newcrest reported a $US647 million ($905 million) statutory profit that was better than analysts had expected and weighed down by $US103 million of impairments and charges.
Shareholders will receive a US17.5c final dividend, taking the total dividends for the year to US25c.
The payout was 14% higher than last year and means Newcrest shareholders have received sequentially higher dividends in each of the past 5 years.
(END)
Schlemiel, some nifty Print Screen moves captured that article. Then very poor transcription by cheap labour - apologies for the typo's.
SoS - Thanks for posting.
Thanks for these posts Soundofsilence.
You can of course 'read' Newcrest's comments on Telfer a number of ways.
For me, they are just manufacturing a negotiating ploy re: Havieron. Despite push on drilling at Havieron, suddenly they are trying to play it cool with another option which he is saying could have both time (and probably cost) implications for the development of Havieron.
Just floating the idea will create an element of doubt in some peoples minds.
Eggg.... I think it's a nice article, but like most journalism, it's an opinion.
I though SB was still upbeat about Hav, and certainly the journalists were only really asking about that project.
"Yup, Red Chris, Lihir.... OK, now about HAVIERON...."
Probably Peter Ker has SOLG shares and may be p'ed at the upstart. Who knows? Maybe just trying to be controversial.
The article definitely has its merits, even though the evidence on the ground says otherwise. In which case, I continue to remain bum-finger-chair connected. Christmas is coming, but I think it's coming early this year.
GLA. Hold for Gold.
SoS - thanks mate
Spot on Broomfielder.
GGP went public with intentions to mine so NC s comment suggests they are into the business end of the future ownership of GGP s stake. They both need to know for future planning.
Does not mean we will hear anything soon but both sides must be in talks to agree in principal now, regardless of what the agreed value arrives at.