Newcrest Mining is one of the largest mining companies in the world. Last year, as in previous years, the Australian group was in the top 10 in the ranking of the largest gold producers.
In its operations, Newcrest Mining has focused equally on exploration and mine development and the production and sale of gold, as well as gold-copper concentrates.
The company operates various mines in Australia, Canada and Papua New Guinea. Among others, one of Australia’s largest gold mines – the Cadia Mine – is also owned by Newcrest Mining.
One of the top 10 gold producers
Newcrest Mining is undoubtedly one of the world’s mining giants. With a market capitalization of around €12.4 billion, Newcrest Mining plays in the same league as such major competitors as Barrick Gold, AngloGold Ashanti, Agnico-Eagle Mines or Newmont Mining.
The company’s mining portfolio includes some of the largest and best-known gold mines in the world. This includes the Cadia Mine in Australia. But like the other giants among gold producers, Newcrest Mining has been struggling with declining production in recent years.
Many of the mines that have been in operation for a long time now have low gold grades, so that exploration is becoming more and more of a priority for the large producers, just like the acquisition of smaller exploration companies with promising projects.
Expansion of the Cadia mine on a large scale
The Cadia Mine, not far from the Australian city of Orange in the state of New South Wales, is considered one of the top mines in Australia. In 2018/19, a total of 913000 ounces of gold could be mined there.
More specifically, the mine complex consists of the Cadia Hill Mine as well as the Ridgeway Mine, which is located just 3 kilometers away and is also owned by Newcrest Mining.
The Cadia Hill Mine has been open pit mined since 1998, while the Ridgeway Mine has been underground mining gold and copper from the ore body since 2002.
As the Cadia mine complex, similar to many other mines in Australia, is increasingly depleting easily accessible gold deposits close to the surface, Newcrest Mining has already started to expand the Cadia Hill open pit mine and advance the development of the Cadia East underground slab cave mine in 2019.
To extend the mine’s life and expand gold reserves, Newcrest Mining is investing a total of about US$600 million through 2023. The company also plans to expand and modernize the mine in five expansion stages so that gold production will still be possible after 2050.
In addition, the Australian mining company is exploring other areas near the mine to expand gold reserves and develop additional production capacity.