RE: Telfer8 Nov 2022 04:06
Newcrest Mining Limited (Newcrest) (ASX, TSX, PNGX: NCM) is pleased to announce that it is proceeding with
the West Dome Stage 8 cutback at its Telfer operation, with the Newcrest Board approving a total investment
of A$214 million (~US$150 million) inclusive of mine operating costs and A$73 million (~US$51 million) of
capitalised production stripping. The cutback underpins continuity of operations at Telfer, with the mine now
expected to extend operations into early FY251.
The cutback is located adjacent to the current West Dome Stage 2 and West Dome Stage 5 pits, and first ore
production is expected in the December 2022 quarter1.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said “We are delighted to further
extend the life of our Telfer operation, highlighting our ability to maximise the full potential of our assets through
our strong technical expertise. Telfer is strategically positioned in the highly prospective Paterson Province and
we are continuing to progress several potential options to expand the resource base in the open pits and
underground to unlock additional value,” said Mr Biswas.
Worth reading the last bit…… we are continuing to progress several potential options to expand the resource base in the open pits and underground to unlock additional value
Seems they opted for teller than buying the 5% and see quite a number of years of organic production if more resource expansion to come.
Will put more cash burn pressure on GGP if cashflow is many years away. Newcrest seem in no hurry with haverion. Maybe they hope to pick things up on the cheap when the GGP tin gets empty
Mr market seems to suspect this with all Goldies doing well and GGP drifting down.
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