Thursday, 30th June 2005 (2945 views)

Newcrest Mining has increased its gold ore reserve forecast today.

The Australian miner has upped forecasts by 20 per cent, a move that is set to increase takeover speculation in the industry.

Total gold ore reserves now stand at around 35 million ounces, making the miner the sixth largest in the world.

Newcrest has been considered a target by global miners such as Newmont, Placer Dome, Barrick and AngloGold.

The company's Cadia East deposit in New South Wales is currently undergoing feasibility studies, with exploration uncovering an ore reserve estimate of six million ounces of gold.

Cadia East will not be mined until 2009 and reserves are expected to increase as exploration continues.

 

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