(Kitco News) – Newcrest Mining (ASX, TSX, PNGX: NCM) announced Wednesday that it has commenced construction of the box cut for the exploration decline at its Red Chris mine in British Columbia, following receipt of the necessary regulatory approvals.
The Newcrest Board has also approved C$135 million (on a 100% basis) of funding for the construction of the exploration decline and associated infrastructure and permitting costs. These works are expected to commence following the completion of the box-cut and are subject to further regulatory approvals which are in progress.
Managing Director and CEO Sandeep Biswas said, “The commencement of construction of the box cut is a significant milestone in the objective of having a block cave in operation at Red Chris in the next five to six years. Together with the support of our stakeholders, we are excited by the potential to transform Red Chris into a Tier 1 asset through the application of our industry-leading block caving technology.”
Newcrest acquired its 70% interest and became the operator of Red Chris joint venture on 15 August 2019. The remaining 30% interest is owned by the joint venture partner Imperial Metals. The existing Red Chris mine was built and is being operated as an open pit.
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