PERTH (miningweekly.com) – Gold miner Newcrest Mining has been awarded a A$155-million insurance pay-out in relation to a seismic event at its Cadia operations, in New South Wales, in April last year.
The miner was forced to suspend operations following the seismic event, with Newcrest subsequently spending some A$25-million on rehabilitation and upgrade works at the mine.
While damage to the underground infrastructure was minimal, Newcrest increased the dynamic ground support capacity around known fault structures, and rehabilitated ground support in areas that had been impacted by the seismic event.
Newcrest told shareholders on Thursday that the settlement amount has now been received in full, and will be included in the company’s statutory profits for the 2018 financial year.