Newcrest in search of the next Havieron

KALGOORLIE (miningweekly.com) – Gold giant Newcrest Mining has taken advantage of the Diggers & Dealers conference in Kalgoorlie to seek new exploration opportunities.

Speaking on the first day of the conference, GM for exploration, Fraser MacCorquodale said the company is looking for more gold opportunities in Australia and is using the conference to scout for potential partners.

“Exploration is a team sport, it’s not just something one company can do alone,” MacCorquodale said, noting that Newcrest would bring more than 40 years of exploration experience to a partnership and could offer a flexible approach in terms of transaction structure. .

He also noted that the gold miner was nimble and was able to close a deal quickly and begin exploration.

MacCorquodale said Newcrest hoped to form a joint venture on the next potential Havieron, a current joint venture with Greatland Gold, in which Newcrest currently holds a 70% stake. The company is expected to make a decision soon on whether to acquire an additional 5% stake in Havieron for A$60 million.

A previously completed Pre-Feasibility Study (PFS) estimated that the project would require a capital investment of A$529 million and could produce some 160,000 oz/y of gold and 6,900 t/y of copper, over a life of initial life of nine years. .

The PFS estimated an internal rate of return of 16% and a net present value of A$304 million, with a payback period of four years from first commercial production.

Comments are closed.