RE: zoros11 Jul 2020 12:09
Look at how NCM managed to ramp up their reserves (from 4m to 19m) by further exploration and moving from open-pit to block cave to exploit new discoveries. This is almost Havieron copied
'The mine opened in 1977 as a joint venture between BHP Billiton and Newmont Mining. In 1990, a merger between Newmont Australia Limited and BHP Gold Limited resulted in the creation of Newcrest Mining, with ownership of the Telfer Mine now lying with Newcrest.[12][13] The Telfer gold mine was expanded in 1991,[14] and in June 1995, the mine reserves were 3.8 million troy ounces, with resources at 7.3 million troy ounces. The annual production was 370,000 to 380,000 troy ounces of ore.[15] In 1997, the mine reached the milestone of having produced 5 million ounces of gold.[8] Open cut mining was suspended in August 2000 due to high operating costs. The closure of the mine came one year ahead of schedule as production of underground ore was well below mill capacity and therefore not viable.[8] High production costs were primarily caused by the presence of cyanide soluble copper in the open pit ore.[13] Newcrest then focused on exploratory drilling for new minerals.[12]'
Second mining period from 2002
'In 2002, Newcrest Mining announced a new redevelopment project worth $1 billion,[16] after discovering new mineral areas and a reserve base of some 19 million troy ounces of gold and 640,000 tonnes (710,000 short tons) of copper.[17] The redevelopment expanded underground mining areas, deepened open pits, constructed a processing plant and power station, and built a new gas supply line from Port Hedland.[12][18] The Telfer mine is not connected to the Western Australian power grid but instead produces its own power from natural gas via a 450 km purpose built pipeline. The power station on site is able to produce 138 MW of power.[19] The focus changed from open pit mining to underground mining, and Telfer became one of Australia's largest gold mines,[12] second only to Kalgoorlie's Super Pit.[20]
The mine reopened in November 2004, after commissioning of the processing plant and, initially as an open cut mine, from March 2006 also with an underground operation.[13][19] '
Sign In
Follow the stocks
