Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn
About

News

Newcrest resumes work at Cadia

Prashant Mehra  |  13 Sep 2017Text size  Decrease  Increase  |  

Page 1 of 1

SYDNEY - [AAP] Gold miner Newcrest (ASX: NCM) has resumed ore extraction from the second section of its Cadia East mine in NSW, where operations had remained suspended since an earthquake in April.

The company on Wednesday said remediation and upgrade work required to restart Cadia East's Panel Cave 1 crusher chamber has been completed.

It said the regulator has accepted its final ground support plans for Panel Cave 1 and the prohibition notice will be lifted to allow operations as areas are upgraded according to the submitted plans.

Remediation and upgrade work in other areas of the PC1 section is expected to be completed by the end of December.

Cadia--Newcrest's biggest and lowest-cost mine--was hit by a magnitude 4.3 earthquake in central west NSW in early April, prompting suspension of operations.

Production at the mine's Panel Cave 2 section resumed in July, but repair work had continued in the other section.

The miner's FY17 gold production dropped 2.4 per cent and it suffered a 7 per cent decline in full-year net profit, mainly on account of the Cadia hit.

On Wednesday, the company said production at the Panel Cave 2 section continues to be ramped up.

It expects the entire mine's production rates to be fully restored to normal by the end of March 2018.

By 1022 AEST, Newcrest shares were up 0.7 per cent to $22.37 in a firm Australian market.

 

AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.