Newcrest Mining (ASX:NCM) has announced the board has approved the first stage of an expansion project at its Cadia gold mine in NSW.
The first stage of the project is estimated to cost US$685 million.
Newcrest says the first stage will include the next cave development and an increase in the nameplate capacity of the process plant to 33 million tonnes a year.
The second stage, currently being reviewed, is focussed on a further increase in processing capacity to 35 million tonnes a year. and recovery rate improvement projects.
Shares in Newcrest Mining (ASX:NCM) closed 4.79 per cent lower at $33.56 yesterday.