LEADERSHIP

Newcrest tackles Cadia pit slip

A PIT slip at Newcrest Mining's Cadia mine in New South Wales has prevented access to the bottom ...

MiningNews.Net

This article is 13 years old. Images might not display.

No injuries were reported and the incident followed several days of rain in the Orange area.

The slip occurred midway up the pit and the situation is being assessed.

A Newcrest spokesperson told MiningNews.net the situation was being assessed as to the most appropriate means of regaining access, but would not be drawn on the timing.

In a note released today by Macquarie Private Wealth in which it downgraded production estimates from Cadia, it noted that higher grade ore (around 1gpt gold) was sourced from the bottom of the pit.

"While Newcrest has indicated that it has more than six months of stockpiled ore (average grade of 0.5gpt gold) that will ensure adequate plant

feed while the slip is rectified, we have revised our FY12 production for the open pit to 206,000oz down from 236,000oz(vs guidance of 220-230,000oz)due to the lower grade," Macquarie said.

"At this point in time the ongoing impact of the slip is unknown,however we forecast it to impact both the December and March quarter from a grade and cost perspective."

In the September quarter, Cadia produced 150,277 ounces of gold and 11,763 tonnes of copper at cash costs of $A281/oz, while in the June three-month period volumes reached 151,251oz of gold and 12,341t of copper at cash costs of $309/oz.

Shares in Newcrest were down 2.2% or 73c in morning trade to $33.77.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.