Newcrest doubles down with $685m Cadia investment
Newcrest has announced a $685m expansion of its Cadia mine in NSW to be delivered in 2 stages. The expansion at the gold and copper asset comes on the back of elevated gold prices ($2200 AUD latest) and aims to increase capacity by 1.8m ounces of gold and 67,000 tonnes of copper.
The project adds fuel to the firming rebound in mining investment as the industry starts to turn following the end of the mining boom super-cycle. A slew of services contracts and expansions have been announced in recent months including the $1.7Bn FMG Eliwana project, the $1.3Bn services contract at Currah (won by Thiess) and Rio’s West Angelas reserve.
Read more at the Newcrest website here.