Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Newcrest Mining (ASX, TSX, PNGX: NCM) announced Wednesday that it has commenced construction of the box cut for the exploration decline at its Red Chris mine in British Columbia, following receipt of the necessary regulatory approvals.
The Newcrest Board has also approved C$135 million (on a 100% basis) of funding for the construction of the exploration decline and associated infrastructure and permitting costs. These works are expected to commence following the completion of the box-cut and are subject to further regulatory approvals which are in progress.
Managing Director and CEO Sandeep Biswas said, “The commencement of construction of the box cut is a significant milestone in the objective of having a block cave in operation at Red Chris in the next five to six years. Together with the support of our stakeholders, we are excited by the potential to transform Red Chris into a Tier 1 asset through the application of our industry-leading block caving technology.”
Newcrest acquired its 70% interest and became the operator of Red Chris joint venture on 15 August 2019. The remaining 30% interest is owned by the joint venture partner Imperial Metals. The existing Red Chris mine was built and is being operated as an open pit.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.