Tuesday, 31st August 2004 (3096 views)

Australia's biggest gold miner Newcrest Mining has reported that its gold reserves have increased to an estimated 28.2 million ounces as of June 30th, 2004.

Newcrest said group resources had risen to an estimated 62 million ounces of gold. This is an increase of 9 million ounces of gold and 1.2 million tonnes of copper reported a year earlier.

This increase includes an extra 8.4 million ounces of gold located at its Cadia East Resource in NSW and an increase in the Ridgeway Reserve of 1.23 million ounces of gold before depletion.

A spokesperson for the company said: "There was a major increase in mineral resources at Cadia East Underground with the addition of 8.4 million ounces of gold...since the 2003 statement."

The Cadia East ore-body now contains 830 million tonnes of resource for 18 million ounces of gold and 2.9 million tonnes copper, equating to 35 million ounces on a gold equivalent basis.

 

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