Newcrest Mining talks up PNG operation
NEWCREST Mining Ltd is bullish about its Papua New Guinea operations as it embarks on a global investor roadshow this month.
Australia’s biggest gold miner last year revised up its exploration t arget at i t s Wafi-Golpu mine in PNG to more than 30 million ounces of gold and eight million tonnes of copper.
That compares to previous e s t i mat e s o f 1 6 mi l l i o n o u n c e s a n d 4 . 9 mi l l i o n tonnes, respectively.
Newcrest will be conducting investor briefings in the UK, North America and Asia during March.
‘‘ Deep drilling undertaken and reported in recent quarters continues to demonstrate the Golpu porphyry deposit may be significantly larger than the reported resource,’’ the company said yesterday.
Mine Life senior resources analyst Gavin Wendt said the company must be confident.
‘‘ Normally these big companies are pretty conservative, so that’s a pretty bold statement,’’ he said.
‘‘ That’s a massive intersection of 800 metres at 600 metres within that, 3g/ t and just under copper.
‘‘ That’s a fabulous intercept and that’s going to be a really, hugely profitable deposit.’’
Prefeasibility at the mine is due to be completed by the end of 2011, ahead of a development decision in 2014.
The project underlined Newcrest’s focus on the Pac i f i c r e g i o n , i n c l u d i n g I ndonesia, where i t had ‘‘ done well’’, Mr Wendt said.
Newcrest last year became the world’s fourth-biggest goldminer.