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Newcrest Mining Ltd.
Summary
| Project: | Telfer | |
|---|---|---|
| Deposit: | Telfer | |
| Location: | Australia | |
| Commodities: | Gold-Copper-Tungsten-Zinc-Lead | |
| Date: | 2/14/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-2-2019: Newcrest Mining Ltd. announces a Resource Estimation report for its Telfer deposit at the Telfer project. Annual update of mineral resources and ore reserves. Newcrest Mining Limited has updated its Mineral Resource and Ore Reserve estimates fo | |
| Resources: | ||
| CP/QP: | [Resources]: James Biggam (Internal) | |
| ABSTRACT: | Newcrest Mining Limited has updated its Mineral Resource and Ore Reserve estimates for the twelve month period ending 31 December 2018 and for this purpose, has completed a detailed review of all production sources. The review has taken into account long term metal prices, foreign exchange and cost assumptions, and mining and metallurgy performance to inform cut-off grades and physical mining parameters. Group Ore Reserves As at 31 December 2018, Group Ore Reserves are estimated to contain 54 million ounces of gold, 7 million tonnes of copper and 36 million ounces of silver. This represents a decrease of approximately 8.1 million ounces of gold (~13%), 3.5 million tonnes of copper (~34%) and 0.6 million ounces of silver (~2%) compared with the estimate as at 31 December 2017. The Group Ore Reserves estimates as at 31 December 2018 are set out in Tables 6 to 9. As at 31 December 2018, Group Mineral Resources are estimated to contain 110 million ounces of gold, 19 million tonnes of copper and 93 million ounces of silver. This represents a decrease of approximately 7.6 million ounces of gold (~6%), 0.1 million tonnes of copper (~0.5%) and 0.9 million ounces of silver (~1%), compared with the estimate as at 31 December 2017. The Group Mineral Resources estimates as at 31 December 2018 are set out in Tables 2 to 5. Mineral Resources are reported inclusive of Ore Reserves. The Group Mineral Resources as at 31 December 2018 includes changes at numerous deposits following updated notional constraining shells and/or resource models. These include: Updated mining, metallurgical and long term cost assumptions were developed with reference to recent performance data. The revised long term assumptions include changes in performance consistent with changing activity levels at each site over the life of the operation and the latest study for each deposit. Long term metal prices and foreign exchange assumptions for Mineral Resources and Ore Reserves are set out in Table 1. Gold, copper and silver metal price assumptions remain unchanged from those used for December 2017 reporting. Following review of exchange rate assumptions the AUD:USD exchange rate assumption has been lowered from 0.80 to 0.75 and local currency assumptions for the PNG Kina have been updated (the Indonesia Rupiah and Côte d’Ivoire Franc remain unchanged). MMJV long term metal price and exchange rate assumptions (refer Table 1) are aligned to Newcrest assumptions. The Namosi Joint Venture (NJV) long term metal price and exchange rate assumptions have been aligned to Newcrest assumptions as at 31 December 2018 (refer Table 1) | |
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