The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Friday, 23rd January 2009 (983 views)

The board of Newcrest Mining has approved plans to expand its presence at the Gosowong gold mine in Indonesia.

Under the $179 million (£131 million) proposals, Newcrest will extend the existing Kencana underground mine and boost its output to 450,000 ounces of gold from March 2010, according to Mining Weekly.

The company has released its results for the quarter to December 2008 and has revised its forecast for annual gold production down to 1.63 million to 1.7 million over the year to June 2009.

However, a production estimate at the Gosowong mine has been increased to 405,000 to 420,000 ounces.

Newcrest mined a total of 382,584 ounces of gold over the second quarter of the year and completed a pre-feasibility study of the Cadia East project in New South Wales, Australia, with final approval due during the three months to March 2009.

Australia's largest gold producer, Newcrest Mining has a large portfolio of mines, growth schemes and exploration projects in Australia, Indonesia, Fiji, the US, Peru and Chile.

 

« Back to Gold News stories