Gold mining company Newcrest Mining (ASX:NCM) has released an update on their Wafi-Golpu exploration project.
The project, located in Papua New Guinea is a joint venture between Newcrest and Harmony Gold.
The company says the project is expected to generate free cash flow averaging about $0.9 billion per anum.
The mine is a tier 1 asset with an internal rate of return (IRR) of 18 per cent. This rate will vary with fluctuations in copper and gold prices.
The company’s Managing Director says the updated feasibility study shows the world-class nature of the project.
Shares in Newcrest Mining (ASX:NCM) closed 0.70% per cent lower to $19.73 on Friday.