Newcrest green lights $685m Cadia mine expansion

Mining giant Newcrest has given the green light to a $685 million expansion of the country’s most lucrative gold mine, the Cadia mine in New South Wales, as it seeks to offset a gradual decline in the quality of its gold and maintain profits.

The Sydney Morning Herald is reporting Newcrest said its board had approved the plan to increase plant capacity to 33 million tonnes a year, the first stage of a two-phase program to boost the mine’s production from the 2023 financial year.

The second stage, which remains the subject of a feasibility study, would expand the plant to 35 million tonnes at a cost of another $180 million, the miner said.

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