Australia’s largest underground mine opened
Gold major Newcrest Mining has officially opened Australia’s largest underground mine at its Cadia Valley operations, in New South Wales.
The company invested A$2-billion in the development of the first Cadia East panel cave, and has expanded the Cadia processing plant from 24-million tonnes a year to 26-million tonnes a year.
Commercial production from the Panel Cave 1 started in January last year. The mine produced more than 230 000 oz of gold and 15 000 t of copper to the end of March.
“Cadia East is a large, long-life asset and a cornerstone for our company’s strategy. It is one of the largest gold and copper deposits in the world, with 2.8-billion tonnes of ore estimated to contain 37-million ounces of gold and 7.5-million tonnes of copper,” said Newcrest MD and CEO Greg Robinson.
He noted that, with an approved mine life of 21 years, the Cadia East mine would deliver significant economic benefits to the local community, as well as to the state and federal governments.
“We have worked hard over the past two-and-a-half years to build a world-class underground mining operation that not only supports the growth of Newcrest, but will provide lasting benefits to the local community.”
The project directly and indirectly employs about 1 900 people.
Robinson pointed out that the Panel Cave 2 remained in construction, with Newcrest expected to spend between A$340-million and A$380-million during this financial year, with the aim of starting commercial production at Panel Cave 2 during 2015.
The Cadia Valley operations, which include the Cadia East, Cadia Hill and Ridgeway mines, are expected to produce some 700 000 oz of gold by 2016, with a further increase expected by 2017.
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