The use of the pit as a tailing storage facility means the miner will sacrifice remaining gold and copper reserves to help it return to full production after a dam collapse halted operations at the underground mine complex.
Newcrest Mining Mining News
The company expects to be at full mining rates within the coming weeks.
Mining operations will restart at Cadia East, in accordance with predefined test and response program, the company said in a statement.
But according to the updated feasibility study total capital expenditure for the life of Wafi-Golpu mine will fall by about the same amount to $5.5 billion.
The miner declared that its performance for fiscal 2018 will be affected by the breach of a tailings dam wall at its Cadia gold mine.
Newcrest Mining says experts on site have observed no environmental damage.
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
Copper ‘might be the easiest asset to work with:’ Lukas Lundin.
Back in September, the expectation for 2018 was of $488 million in revenues from industrial mining.
Newcrest Mining chief executive Sandeep Biswas says the gold miner is examining whether a solar farm could be installed at it flagship Cadia mine in NSW to help insulate the operation from soaring electricity prices.
Cadia - the company's biggest and lowest-cost source of gold - led to a 55-percent fall in gold output at the mine in the June quarter.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
The miner attributed the good results to higher metals prices, increased gold and copper output and productivity improvements.
Higher commodity exports delivered a record trade surplus of $3.5 billion in December, the second monthly trade surplus Australia has recorded in nearly three years.
Newcrest's gold production dropped to 614,715 ounces in the quarter ended in December, from 615,498 ounces in the three months immediately prior and 620,691 ounces a year ago.
Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by the year-end.
Ten gold mines that timed the gold price rally to perfection – Barrick owns four of them.
Small but growing Australian gold producer Evolution Mining (ASX:EVN) has taken a bite out of its much larger, dual-listed rival, Newcrest Mining (ASX:NCM, TSX:NM)
Harmony Gold has been looking for new assets to meet its goal of increasing production to 1.5 million ounces over the next three years.
Two major gold stocks shot up by more than 40% in July, but there's been notable losers with Goldcorp dropping to fourth most valuable gold miner.
All-in sustaining cost of gold is $US770 per ounce.
Since production commenced in 1997, the site has produced more than 9 million ounces of gold.
Newcrest Mining says Pak Mursalim’s health remains good.