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April 27, 2022, 9:21 p.m. EDT

Newcrest Quarterly Report - Three Months Ended 31 March 2022

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Melbourne, Australia, Apr 27, 2022 (Newsfile Corp via COMTEX) -- Brucejack added to the portfolio as operating performance improves

  • Creating a brighter future for people through safe and responsible mining

  • Reduction in injury rates reflecting strong focus on safety

  • Development of the Group Net Zero Emissions Roadmap progressing well

  • New Community Support Fund approved to commence in July 2022

  • Stronger performance in the March 2022 quarter [1]

  • Gold production of 480koz [2] and copper production of 31kt

  • All-In Sustaining Cost (AISC) of $1,008/oz [2]

  • AISC margin of $809/oz [3]

  • Production expected to further increase in the June 2022 quarter [4]

  • Acquisition of Pretium Resources completed on 9 March 2022; Group FY22 guidance updated

  • Addition of a Tier 1 mine in a world class jurisdiction to Newcrest's unrivalled asset portfolio

  • Three phase transformation program initiated to optimise operations, realise full uplift potential and deliver Mineral Resource and Ore Reserve growth

  • Intensive drilling program continues to explore significant near mine and district-scale opportunities, with excellent drilling results released today

  • Advancing Newcrest's global organic growth portfolio

  • Cadia PC1-2, Red Chris Block Cave and Havieron Stage 1 Feasibility Studies on track, with works advancing on all projects

  • Lihir Phase 14A and Cadia PC1-2 Feasibility Studies expected to be released during the September 2022 quarter [4]

  • Strong drilling results at Red Chris and Havieron continue to expand the higher grade footprint

Melbourne, Australia--(Newsfile Corp. - April 27, 2022) - Newcrest (asx:NCM) /zigman2/quotes/200289815/delayed CA:NCM +3.64% (pngx:NCM) Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Newcrest delivered an excellent operational and safety performance during the quarter, building momentum for a strong finish to the financial year and positioning us well to meet our updated Group FY22 guidance, which reflects the addition of Brucejack and our operating and financial performance to date. With the Cadia SAG mill motor operating at full capacity and an improved performance at Lihir, gold and copper production increased for the third consecutive quarter, driving the continued decline in our All-In Sustaining Cost. It was also very pleasing to see further reductions in our injury rates and progress made against our sustainability commitments."

"In March 2022, we completed the Pretium acquisition, adding the world class Brucejack mine to our already exceptional asset portfolio, generating immediate gold production and cash flows this quarter. We have commenced the early stages of our three phase transformation program at Brucejack to maximise its long-term potential and unlock further value for our shareholders. We are also focused on exploring the significant near mine, extensional and district-scale opportunity across the Brucejack district. The excellent drilling results released today already support the potential for significant resource growth beyond the Valley of the Kings deposit, as well as expanding the footprint of high-grade mineralisation at Golden Marmot," said Mr Biswas.

Overview

Gold production was 10% higher than the prior period [5] driven by higher mill throughput at Cadia following completion of the SAG mill motor replacement and upgrade in the December 2021 quarter, the addition of production from Brucejack following completion of the transaction on 9 March 2022, and improved gold head grade and recovery at Lihir.

Newcrest has updated its Group guidance for FY22 following completion of the Pretium transaction on 9 March 2022. Higher gold production and a lower All-In Sustaining Cost is now anticipated, with production stripping and major capital expenditure expected to be lower due to COVID-19 related disruptions to projects and reduced activity at Lihir [4] . Refer to page 9 for an updated Group guidance table for FY22.

Lihir is expected to deliver around the bottom of its original production guidance range (~700koz) for FY22 with a strong fourth quarter anticipated due to lower planned maintenance and improved pumping capacity in Phase 14 which is expected to increase delivery of higher grade ore to the mill [4] .

Newcrest's AISC for the March 2022 quarter of $1,008/oz [2] was [] 10% lower than the prior period, reflecting a higher realised copper price, higher gold and copper sales volumes, lower sustaining capital expenditure and the benefit of a weakening Australian dollar against the US dollar on Australian dollar denominated operating costs.

Injury rates continued to decrease in the quarter reflecting a strong focus on visible felt safety leadership. The Safe Hands intervention program is now underway to focus on reducing the risk of hand injuries.


Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
FY22
Guidance [6]
Group [2]
- gold 
oz 479,839 436,085 396,214 1,312,138 1,550,990 1,925 - 2,025koz

- copper t 31,035 26,418 24,527 81,979 104,354 125 - 130kt

- silver oz 215,461 187,677 174,555 577,693 673,724
Cadia
- gold oz 149,568 115,362 109,005 373,936 570,138 540 - 610koz

- copper t 23,287 18,207 15,213 56,707 78,297 85 - 95kt
Lihir
- gold oz 169,486 163,937 141,089 474,512 560,741 ~700koz
Telfer
- gold oz 96,388 112,726 100,993 310,107 290,535 390 - 440koz

- copper t 3,521 3,536 3,838 10,896 8,492 ~15kt
Brucejack [7]
- gold oz 17,001 - - 17,001 - 95 - 115koz
Red Chris [8]
- gold oz 8,463 9,527 10,674 28,663 35,107 40 - 42koz

- copper t 4,226 4,675 5,475 14,376 17,565 23 - 25kt
Fruta del Norte [2] [,] [9] - gold oz 38,933 34,533 34,452 107,918 94,469 140-145koz
  







Fatalities Number 0 0 0 0 0
TRIFR [10] mhrs 2.7 3.1 3.8 3.2 2.4
All-In Sustaining Cost [2] $/oz 1,008 1,120 [11] 1,269 [11] 1,127 953 [11] [,] [12]
All-In Cost [13] $/oz 1,529 1,865 1,949 1,773 1,291
All-In Sustaining Cost margin [3] $/oz 809 588 406 611 838
Realised gold price [14] $/oz 1,828 1,743 1,722 1,767 1,801
Realised copper price [14] $/lb 4.54 4.37 4.24 4.39 3.36
Realised copper price [14] $/t 10,009 9,634 9,348 9,678 7,408
Average exchange rate AUD:USD 0.7237 0.7285 0.7354 0.7293 0.7390
Average exchange rate PGK:USD 0.2840 0.2849 0.2846 0.2845 0.2857
Average exchange rate CAD:USD 0.7892 0.7934 0.7944 0.7924 0.7684

 

All figures are shown at 100%, except for Red Chris which is shown at Newcrest's 70% share and Fruta del Norte which is shown at Newcrest's 32% attributable share through its 32% equity interest in Lundin Gold Inc.

Operations

Cadia, Australia

Highlights Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
FY22
Guidance [6]
TRIFR [10] mhrs 4.1 6.7 9.2 7.2 7.4
Total production
- gold  
oz 149,568 115,362 109,005 373,936 570,138 540 - 610koz

- copper t 23,287 18,207 15,213 56,707 78,297 85 - 95kt
Head Grade
- gold g/t 0.86 0.83 0.82 0.84 0.97

- copper % 0.40 0.38 0.35 0.38 0.40
Sales - gold oz 126,441 119,314 105,541 351,295 564,624

- copper t 19,581 18,226 14,886 52,693 76,405
All-In Sustaining Cost $/oz (205) (19) 203 (19) (13)
All-In Sustaining Cost margin [15] $/oz 2,033 1,762 1,519 1,786 1,814

 

Cadia TRIFR of 4.1 recordable injuries per million hours was an improvement on the prior period with visible felt safety leadership and other improvement plans continuing to be an ongoing focus.

Gold production of 150koz was 30% higher than the prior period, driven primarily by higher mill throughput with the SAG mill returning to full capacity in December 2021 following its successful replacement and upgrade in the prior period.

Gold head grade also increased in the quarter with a higher proportion of high grade stockpile fed to the mill to reduce stockpile levels following the SAG mill motor replacement in the prior period. Mining rates were also impacted by a scheduled underground shutdown in March 2022.

Cadia's AISC of negative $205/oz was significantly lower than the prior period driven by higher gold and copper sales volumes and a higher realised copper price. Copper concentrate shipments were disrupted by the partial closure of the rail network in New South Wales following significant rainfall during the quarter. The rail network reopened in late March 2022 with additional rail services being utilised to transport the copper concentrate backlog to port. Heavy rainfall continues in the region, however stock levels are expected to return to normal volumes during the June 2022 quarter [4] .

Commissioning of the Molybdenum Plant was completed during the period with the focus now on ramping up mill throughput and improving recovery. The first molybdenum concentrate shipment is scheduled for the June 2022 quarter, which will deliver an additional revenue stream for Cadia and a by-product credit to AISC [4] .

In March 2022, Cadia commenced early consultation with the community for a proposed modification to the footprint of the Southern and Northern Tailings Storage Facilities. The modification also includes construction of a new access road, realignment of an existing road and other minor infrastructure changes. In addition, it includes an option to potentially restart the Ridgeway underground mine, which could provide further optionality of ore supplies pending further studies, reviews and assessments [16] .

The two-stage Cadia Expansion Project is on track for completion during the September 2022 quarter with key activities well progressed including the development of Panel Cave 2-3, increasing mill capacity to 35Mtpa [17] , improvements to enhance gold and copper recovery, and other associated infrastructure [4] . Although the project remains on track, COVID-19 related disruptions continue to impact resourcing and costs remain under pressure due to inflation.

In April 2022, Newcrest settled an insurance claim in relation to the Northern Tailings Storage Facility slump on 9 March 2018. The settlement amount of US$75 million is expected to be received during the June 2022 quarter.

Lihir, Papua New Guinea

Highlights Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
FY22
Guidance [6]
TRIFR [10] mhrs 1.4 0.6 0.8 0.9 0.3
Production - gold
oz 169,486 163,937 141,089 474,512 560,741 ~700koz
Head Grade
- gold g/t 2.33 2.17 2.32 2.27 2.38
Sales - gold oz 162,271 161,877 135,582 459,730 575,495
All-In Sustaining Cost $/oz 1,533 1,679 1,986 1,718 1,353 [12]
All-In Sustaining Cost margin [15] $/oz 295 64 (264) 49 448

 

Lihir TRIFR of 1.4 recordable injuries per million hours was higher than the prior period, mainly driven by a number of minor hand related injuries. The Safe Hands intervention program is now underway to focus on reducing the risk of hand injuries, supported by visible safety leadership across the site.

Gold production of 169koz was 3% higher than the prior period, largely driven by higher head grade and recovery, reflecting an increase in higher grade expit ore feed from Phase 15 as mining progressed into the orebody. This was partly offset by lower mill throughput, due to planned and unplanned shutdowns.

There was a significant improvement in mined volumes in Phase 14 compared to the prior period despite heavy rain continuing throughout the quarter. Additional pumping capacity is now operating effectively at the bottom of the pit along with an improved set-up of the mining benches and other successful water diversion strategies to enable access to higher grade ore. Lihir have also commissioned two new shovels and the truck re-build program is nearing completion, which will further improve equipment availability and increase mining rates.

During the June 2022 quarter, mining will continue to focus on Phase 14 and Phase 15 to increase delivery of higher grade ore to the mill, which is well supported by resource definition drilling in these targeted ore zones. Mill throughput is also expected to improve in the June quarter following completion of a scheduled plant shutdown in March 2022. Together with the increased mining rates, higher gold head grade and lower maintenance schedule, Lihir is expected to deliver around the bottom of its original production guidance range (~700koz) for FY22 [4] .

Lihir's AISC of $1,533/oz was 9% lower than the prior period mainly due to lower site operating costs. This was partly offset by higher sustaining capital expenditure and inventory movements associated with an increase in gold-in-circuit and lower stockpile feed during the quarter.

The number of COVID-19 cases at Lihir decreased during the period with the site successfully moving to the 'endemic' phase of COVID-19, resulting in reduced isolation requirements and improved productivity on site. There were no material COVID-19 related disruptions to production, although some project activities experienced interruptions with efforts being made to minimise their impact on the overall cost and schedule.

Newcrest continued to progress the Phase 14A Feasibility Study during the period with significant activities including completion of shotcrete trials, upper drainage, shotcrete and ground support works, key project team and contractor mobilisation and procurement of specialised civil engineering equipment and materials. As previously announced, Phase 14A will bring forward higher grades to improve gold production and operational flexibility by establishing an additional independent ore source at Lihir [4] . The findings of the Feasibility Study are expected to be released during the September 2022 quarter [4] .

Lihir - Material Movements

Ore Source Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
Ex-pit crushed tonnes kt 1,363 1,273 604 3,241 4,560
Ex-pit to stockpile kt 2,357 610 1,037 4,004 2,919
Waste kt 4,813 7,058 8,601 20,472 18,029
Total Ex-pit kt 8,533 8,942 10,242 27,717 25,508
Stockpile reclaim kt 1,711 1,881 1,781 5,373 5,523
Stockpile relocation kt 2,981 2,240 2,831 8,053 9,329
Total Other kt 4,692 4,121 4,612 13,426 14,851
Total Material Moved kt 13,225 13,063 14,854 41,142 40,359

 

Lihir - Processing

Equipment Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
Crushing kt 3,074 3,154 2,450 8,679 10,082
Milling kt 2,975 3,241 2,584 8,801 9,781
Flotation kt 2,271 2,541 2,107 6,920 7,685
Total Autoclave kt 1,763 1,814 1,354 4,479 5,232

 

Telfer, Australia

Highlights Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
FY22
Guidance [6]
TRIFR [10] mhrs 3.3 5.0 6.7 5.1 4.2
Production  - gold
oz 96,388 112,726 100,993 310,107 290,535 390 - 440koz

- copper t 3,521 3,536 3,838 10,896 8,492 ~15kt
Head Grade
- gold g/t 0.72 0.79 0.76 0.76 0.89

- copper % 0.10 0.09 0.10 0.10 0.10
Sales
- gold oz 78,016 107,787 97,653 283,455 275,537

- copper t 2,569 3,376 3,858 9,803 7,462
All-In Sustaining Cost $/oz 1,411 1,353 1,358 1,371 1,607
All-In Sustaining Cost margin [15] $/oz 417 390 364 396 194

 

Telfer TRIFR of 3.3 recordable injuries per million hours was lower compared to the prior period, reflecting the focus on visible felt safety leadership and introduction of the Safe Hands intervention program to reduce injury rates and improve safety performance.

Gold production of 96koz was 14% lower than the prior period, driven by lower gold head grade due to a higher proportion of lower grade open pit mill feed during the period and lower mill throughput, with reduced mill availability following unplanned outages.

This was partly offset by higher recoveries in the quarter due to various recovery improvement initiatives and favourable mineralogy.

Telfer's AISC of $1,411/oz was 4% higher than the prior period driven by lower gold and copper sales volumes, partly offset by a higher realised copper price and lower sustaining capital expenditure.

Telfer continued to manage the rising COVID-19 case numbers in Western Australia with no material impacts to production during the quarter. Risk-based COVID-19 management plans are in place including regular and robust screening, testing and isolation protocols.

Brucejack

On 9 March 2022, Newcrest completed the acquisition of Pretium Resources Inc. (Pretium). Pretium owns the Brucejack mine in the highly prospective Golden Triangle region of British Columbia, Canada. Brucejack began commercial production in July 2017 and is one of the highest-grade operating gold mines in the world.

Newcrest has identified a range of opportunities to maximise the long-term potential and value of the Brucejack mine and associated district-scale potential. A three phase transformation program has commenced, which includes a range of initiatives that will leverage Newcrest's experience and expertise to deliver long term value for all stakeholders.

As part of this transformation program, Newcrest is assessing the potential to increase the process plant capacity from the current permitted processing rate of 3,800 tonnes per day to between 4,500 to 5,000 tonnes per day [16] . Newcrest has also commenced plans to roll-out its highly successful Newcrest Safety Transformation Plan including the NewSafe training program and Critical Control Management program for high risk tasks with a focus on eliminating life changing injuries and fatalities at Brucejack.

For the March 2022 quarter, Newcrest has reported production results from the acquisition date to the end of the March 2022 of 17koz [7] . Gold production for the full March 2022 quarter of 62koz (including ownership by Pretium from 1 January 2022 to 8 March 2022, and ownership by Newcrest from 9 March 2022 to 31 March 2022) was impacted by lower gold head grade during the period and a significant power outage in January 2022. Refer to the Brucejack production summary on page 13 for further details.

Brucejack guidance for Newcrest's ownership period in FY22 is outlined below [4] :

For the period 9 March 2022 to 30 June 2022 Metric FY22 Guidance [6]
Gold production koz 95 - 115
All-In Sustaining Cost $m 130 - 150
- Sustaining capital $m ~20
- Non-Sustaining capital $m ~15
Total capital expenditure $m ~35
Exploration expenditure $m ~12
Depreciation and amortisation $m ~60

 

Refer to page 9 for an updated Group guidance table which includes Brucejack guidance for Newcrest's ownership period in FY22.

The intensive exploration drilling program continued during the quarter, with drilling results expanding the footprint of the higher grade mineralisation at the new Golden Marmot discovery, which is located outside of the Brucejack Mineral Resource estimate and remains open in all directions. Further high grade intercepts were also identified at North Block and 1080 Level East, confirming the potential for resource growth at the Valley of the Kings deposit. The latest drilling results for Brucejack are included in the March 2022 Quarterly Exploration Report which was also released today.

Red Chris, Canada

Highlights [8] Metric Mar
2022 Qtr
Dec
2021 Qtr
Sep
2021 Qtr
YTD
FY22
YTD
FY21
FY22
Guidance [6]
TRIFR [10] mhrs 3.7 10.0 8.9 7.7 6.0
Production - gold oz 8,463 9,527 10,674 28,663 35,107 40 - 42koz

- copper t 4,226 4,675 5,475 14,376 17,565 23 - 25kt
Head Grade
- gold g/t 0.36 0.33 0.34 0.34 0.41

- copper % 0.41 0.39 0.39 0.40 0.45
Sales
- gold oz 9,222 8,933 11,306 29,462 35,253

- copper t 4,651 4,213 5,817 14,680 17,702
All-In Sustaining Cost $/oz 1,537 1,622 1,071 1,384 2,719
All-In Sustaining Cost margin [15] $/oz 291 121 651 383 (918)

 

Gold production of 8koz was 11% lower than the prior period, driven by lower recovery and mill throughput following unplanned downtime to the SAG mill during the quarter combined with freezing of a tailings line. This was partly offset by higher grade as expected in the mine plan.

Red Chris' AISC of $1,537/oz was 5% lower than the prior period driven by higher gold and copper sales volumes, a higher realised copper price and lower sustaining capital expenditure.

Drilling continues to expand the footprint and continuity of the higher grade mineralisation at East Ridge, which is outside of Newcrest's initial Mineral Resource estimate and strike extents of this prospect remain open to the east and at depth. The latest drilling results for Red Chris are included in the March 2022 Quarterly Exploration Report which was also released today.

Fruta Del Norte, Ecuador

Newcrest acquired the gold prepay and stream facilities and an offtake agreement in respect of Lundin Gold Inc's Fruta del Norte mine for $460 million in April 2020.

In the March 2022 quarter, Newcrest received net pre-tax cash flows of ~$32 million from these financing facilities, and has received a total of ~$191 million net pre-tax cash flows since acquisition of the facilities.

Included within Newcrest's gold production for the March 2022 quarter is 39koz relating to Newcrest's 32% equity interest in Lundin Gold Inc, the owner of the Fruta del Norte mine.

Guidance Update [6] [,] [18]

Newcrest has updated its Group guidance for FY22 following completion of the Pretium transaction on 9 March 2022 and to reflect its operating and financial performance to date.

Key changes to Group guidance are outlined below:

  • Gold production is expected to be higher, reflecting the addition of Brucejack for Newcrest's period of ownership and the expectation that Lihir will deliver around the bottom of its original production guidance range (~700koz) for FY22. Production from Fruta del Norte is also expected to be higher, reflecting actual performance for the nine months to 31 March 2022 and Newcrest's estimated attributable production for the June 2022 quarter (based on Lundin Gold's CY22 guidance [6] ).

  • All-In Sustaining Cost is expected to be lower, reflecting the benefits of a higher realised copper price and the weakening Australian dollar against the US dollar on Australian dollar denominated operating costs. This is partly offset by the addition of Brucejack for Newcrest's period of ownership in FY22.

  • Production stripping (sustaining and non-sustaining) is expected to be lower due to reduced activity at Lihir and Red Chris.

  • Major capital (non-sustaining) and exploration expenditure is also expected to be lower, mainly due to COVID-19 related disruptions which have impacted project activity.

Guidance for the 12 months ending 30 June 2022


Original Group Brucejack [7] Updated Group
Production


Gold - koz 1,800 - 2,000 95 - 115 1,925 - 2,025
Copper - kt 125 - 130 - 125 - 130
All-In Sustaining Cost (AISC) - Includes production stripping (sustaining) and sustaining capital


AISC - $m 1,840 - 2,040 130 - 150 1,850 - 1,950
Capital Expenditure ($m)


- Production stripping (sustaining) 165 - 175 - 145 - 155
- Production stripping (non-sustaining) 50 - 70 - 45 - 50
- Sustaining capital 440 - 490 ~20 470 - 490
- Major capital (non-sustaining) 890 - 990 ~15 775 - 825
Total Capital Expenditure 1,545 - 1,725 ~35 1,435 - 1,520
Exploration and Depreciation ($m)


Exploration expenditure 150 - 160 ~12 120 - 125
Depreciation and amortisation (including depreciation of production stripping 700 - 750 ~60 700 - 720

 

Project Development

Red Chris, Canada

Newcrest continued the development of the Block Cave during the March 2022 quarter with the exploration decline now progressed to 1,225 metres as at 20 April 2022.

Surface infrastructure installation continued during the period with substantial completion expected in the June 2022 quarter. Key contracts for the Red Chris Block Cave Feasibility Study are also expected to be awarded in the next quarter, with the Feasibility Study on track for completion in the second half of FY23 [4] .

The latest drilling results at Red Chris are included in the March 2022 Quarterly Exploration Report which was also released today.

Havieron, Western Australia

The Havieron Project is located 45km east of Newcrest's Telfer operation and is operated by Newcrest under a Joint Venture Agreement (JVA) with Greatland Gold plc.

Newcrest holds a 70% interest in the Havieron Project and has an option to acquire an additional 5% joint venture interest at fair value. Newcrest continued to progress the process to determine the option price for the 5% interest in accordance with the JVA during the period.

The development of the exploration decline continued to experience poor ground conditions during the quarter with 313 metres complete as at 20 April 2022. Advance rates have been significantly impacted by unfavourable geotechnical and hydrogeological conditions requiring extensive local and surface dewatering, pre-excavation ground treatment and substantial ground support installation. Changes in the design of the decline have been made bringing the first downward spiral to the current chainage which will allow the decline to transition into better ground conditions at depth sooner. As a result of this change development rates are expected to improve towards the end of the next quarter. First ore is now expected in the second half of FY24 [4] (previously anticipated during FY24). Work is ongoing to understand the impact on the overall project schedule, as well as assessing options to recover some of these delays and minimise the associated cost increases. Newcrest is also reviewing the impact of inflationary pressures on future capital expenditure and operating costs as part of the Feasibility Study. Further updates will be provided once this work is complete.

Drilling of the blind bore shaft is now complete and liners have been installed to design depth. This milestone marks a significant reduction in risk to shaft stability during construction.

Key contracts for the Havieron Feasibility Study have been awarded and works to progress the necessary approvals and permits required to commence the development of an operating underground mine and associated infrastructure are ongoing.

The growth drilling program continued during the period with further high grade crescent style mineralisation identified within extensions of the Eastern Breccia. The latest drilling results for the Havieron Project are included in the March 2022 Quarterly Exploration Report which was also released today.

Wafi-Golpu, Papua New Guinea

Newcrest and its joint venture partner Harmony continue to work with the PNG Government to progress permitting of the Wafi-Golpu Project and obtain a Special Mining Lease. Several meetings have been held between representatives of the PNG Government and the Wafi-Golpu Joint Venture regarding the potential terms of a Mining Development Contract, which is required for a Special Mining Lease. The discussions have covered a range of fiscal and non-fiscal matters and continue to be constructive.

Exploration

See the separately released "Quarterly Exploration Report" for the March 2022 quarter.

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