Newcrest receives government planning approval
Newcrest Mining Limited (NCM) said the New South Wales government has granted planning approval to the company’s subsidiary Cadia Holdings Pty Limited for what would be Australia’s largest underground mine. The gold miner said the Cadia East project near Orange was now expected to be considered by the Newcrest board around the end of the first quarter in 2010 after remaining regulatory approvals have been finalised.
Newcrest general manager Cadia Valley Operations, Tony McPaul, said if approved by the board, the project would secure the company’s future in the region for at least the next 20 years.
“It will be Newcrest’s first panel cave, building on our expertise in underground mining,” Mr McPaul said.
“It will mean significant ongoing direct and indirect employment and economic activity for the region. At the peak of construction approximately 1,300 employees will be required.”
Newcrest said the estimated capital cost of the project is expected to be nearly $2 billion.
As at 1431 AEDT, Newcrest shares were down 88c to $36.27.
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