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Newcrest Annual Report: Wafi-Golpu deposit has potential

Staff Reporter | 4:58 PM |
THE Golpu development option in Morobe Province, has the potential to underpin production growth at Newcrest Mining Limited (NCM) in the next decade.

The Australian miner had, in releasing its Annual Report 2015, stated the Wafi-Golpu deposit to be a world class deposit in a highly prospective mineralisation belt.

An updated Golpu prefeasibility study had identified an improved business case for the project by splitting it into two stages.

Stage one feasibility study and pre-feasibility study for stage two are targeted to be released at the end of the calendar year 2015.

Upon its release, the mineral resource and ore reserve will be reviewed and the boards of NCM and Harmony will give further consideration to the development option.

The project is situated approximately 65 kilometres southwest of Lae city. It is an advanced exploration project that forms part of the Wafi-Golpu joint venture of which NCM holds a 50 per cent stake.

The Wafi and Golpu deposits are situated in close proximity to each other.

As at December 31, 2014, the Wafi-Golpu mineral resource was estimated to contain 14m ounces of gold and 4.7m tons of copper (50 per cent) including or reserves estimated to contain 6.2m ounces of and 2.7m tons of copper (50%).