NEWCREST hopes to complete an update of Wafi-Golpu feasibility study by end of the March quarter next year, chairman Pater Hay says.
Hay said during the company’s annual general meeting on Tuesday that the company’s most advanced exploration project was the Wafi-Golpu project which he described as a “world-class copper-gold deposit in Papua New Guinea”.
Wafi-Golpu is an advanced exploration project located in Morobe and is owned by the Wafi-Golpu Joint Venture, one of three unincorporated joint ventures between Newcrest (50 per cent) and Harmony Gold (50 per cent), formed in 2008.
Hay said Newcrest continued to progress work at Wafi-Golpu, with focus on:
- Assessing external and internal generated power options, in the company’s search for greater reliability and lower operating costs;
- Comparing deep-sea tailing placements options to terrestrial tailings storage options; and,
- Re-assessing block cave panels, size and processing capacity due to increased knowledge as a result of ongoing drilling.
“We are targeting completion of an update of the Wafi-Golpu feasibility study by the end of the March 2018 quarter. We will likely submit an amendment to the special mining lease application depending on the outcome of the study update,” he said.
“The timing of the first production is dependent on study outcomes and grating of the special mining lease.
“More broadly, brownfield exploration, brownfield expansions and de-bottlenecking offers some of the lowest-cost, lowest-risk and highest-return growth opportunities in our business.
“As has been stated in our annual report, we are currently pursuing initiatives and projects to add extra process capacity at Cadia and to increase mill throughput at Lihir.”