Newcrest board approves A$214m Telfer extension
The board of gold miner Newcrest Mining on Tuesday approved a A$214-million extension of the Telfer mine, in Western Australia.
The ASX- and TSX-listed company said it would proceed with the West Dome Stage 8 cutback at Telfer, which would extend operations into early 2025.
The cutback is located adjacent to the current West Dome Stage 2 and West Dome Stage 5 pits. The first ore production is expected in the December quarter.
“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 openpits and underground to unlock additional value,” said MD and CEO Sandeep Biswas.
Following the approval of the Stage 8 cutback, Newcrest has completed further hedging of a portion of Telfer’s future planned production for 2023 and 2024 to secure margins and support investment in cutbacks and mine development. A further 432 479 oz of planned gold sales have been hedged.
Telfer would produce 355 000 oz to 405 000 oz in the 2023 financial year.
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