Newcrest FY08 mineral resources and ore reserves 10:54, Tuesday, 19 August 2008
Sydney - Tuesday - August 19: (RWE Aust Business News) - Newcrest Mining (ASX:NCM) has updated resources and reserve estimates for the year ended 30th June 2008, with these increasing substantially net of mining depletion. Mineral resources are estimated at 70.6 million ounces of gold and 9.18 million tonnes of copper. This represents a year on year increase for gold of 28pc or 15.4 million ounces and increase for copper of 62pc or 3.53 million tonnes. Ore reserves are estimated at 40.0 million ounces of gold and 4.15 million tonnes of copper. This represents a year on year increase for gold of 20pc or 6.8 million ounces and increase for copper of 54pc or 1.45 million tonnes. Growth in resources was driven by significant increases at Cadia Valley (8.4m ozs of gold and 2.37mt of copper) and the acquisition of 50pc equity in the Harmony PNG assets (7.3m ozs of gold and 880,000t of copper). Growth in reserves was again driven by increases at Cadia Valley (4.9m ozs of gold and 1.04mt of copper) and the acquisition of (50pc) equity in the Harmony PNG assets (2.1m ozs of gold and 400,000t of copper). The Cadia East resource has increased by 6.6m ozs of gold and 1.88mt of copper. The Cadia East reserve has increased by 5m ozs of gold and 1mt of copper. Big Cadia, located northeast of the Ridgeway mine, has an initial resource estimated to contain 440,000 ozs of gold and 170,000t of copper mineable by open pit.
NCM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held