Newcrest Mining (ASX: NCM) will build the largest underground mine in Australia, after approving the development of the large Cadia East gold-copper deposit located North of Sydney.
The Cadia East deposit is one of the world's largest known gold-copper deposits. It comprises a mineral resource of 2,347 million tonnes, containing 33.2 million ounces of gold and 6.59 million tonnes of copper, along with a current ore reserve of 18.7 million of gold and 3.16 million tonnes of copper.
The company said development of the Cadia East deposit would sustain production from the Cadia Valley for the next three decades.
The project — estimated to cost A$1.91 billion — will generate 1,300 jobs at the peak of construction.
Construction will start immediately with first production expected during the second half of 2012.
Luke Burgess
Editor, Wealth Daily
