Newcrest gets approval to use Cadia open pit

Company News

by Anna Napoli

Newcrest Mining (ASX:NCM) has received approval to use the first 200 metres of the old Cadia Hill open pit as a tailings storage facility.

A partial dam collapse halted operations at the NSW mine last month.

The increased storage capacity will enable Newcrest to progressively return the mine to full production rates for around 16 months.

Newcrest says it will continue to look into the cause of the collapse.

The gold mining company plans to update its guidance in its quarterly report which will be released on April 26.

Shares in Newcrest Mining (ASX:NCM) are trading up 1.95 per cent to $20.38.

 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.