Newcrest (ASX:NCM) to spend $236 million on Cadia expansion & Lihir project

Company News

by Katrina Bullock

The board of Newcrest Mining (ASX:NCM) has approved two projects, which will now move to the execution phase.

The company plans to spend $175 million at the Cadia gold and copper mine outside of Orange in NSW, in an attempt to increase gold recovery by 3.5 per cent and copper recovery by 2.7 per cent.

It expects to create 860 new jobs at the project’s peak.

It also intends to spend $61 million on its Lihir front end recovery project in Papua New Guinea, in a bid to increase gold recovery by 1.2 per cent.

This project is expected to generate 150 offshore jobs at its peak.

Shares in Newcrest Mining (ASX:NCM)are trading 0.83 per cent higher at $30.55.