Gold miner NewcrestMining will grow its copper focus, the company told its AGM mining resources investment
PERTH – Gold miner Newcrest Mining is aiming to grow its copper output to meet global demand as the world shifts towards future-facing minerals.said that Newcrest held a unique market position, maintaining a portfolio of top-tier, long-life assets.“While the company’s peers race to add future-focused minerals like copper to their books, Newcrest has both a meaningful exposure to copper today and plans to grow copper production in the years to come.
“At the end of the 2022 financial year, on a 100% basis, our group ore reserves contain approximately 11-million tonnes of copper, with an estimated 25-million tonnes inclusive of our group measured and indicated mineral resources. What does this mean? In addition to having a substantial exposure to copper today, it means our exposure is well placed to increase in the future through conversion of mineral resources to ore reserves.
He told shareholders that progress is being made on the Red Chris Block Cave feasibility study as Newcrest looks to leverage its industry-leading block caving expertise. At the same time, the exploration decline has progressed to over 2 100 m as at October 12.
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