The following announcement by NCM today might raise some eyebrows. Is it a reality check?
"Cadia Holdings Pty Limited, a wholly owned subsidiary of Newcrest Mining Limited, today received notice that planning approval has been granted for its proposed Cadia East project near Orange. The estimated capital cost of the project is expected to be nearly A$2 billion.
If approved by the Board, the Cadia East project will be the largest underground mine in Australia and will secure our future in the region for at least the next 20 years. It will be Newcrests first panel cave, building on our expertise in underground mining.
It will mean significant ongoing direct and indirect employment and economic activity for the region. At the peak of construction approximately 1,300 employees will be required...."
Hmmnn ... interesting. Now when are CTO expecting to produce 300,000 ounces of gold a year from underground mining? Why is NCM spending possibly A$2 billion. Is the CTO model suitable for NCM where comparatively few dollars are spent each year?
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