Newcrest Mining – the largest gold producer listed on the Australian Stock Exchange and one of the world’s largest gold mining companies – has announced that the Cadia East Gold Mine, the largest underground mine in Australia, was officially opened yesterday by the Premier of New South Wales, The Hon. Mike Baird MP.
Located 25 kilometres from Orange in central western NSW, at Newcrest’s Cadia Valley Operation, the Cadia East Gold Mine is the first of its type in Australia set to be the largest metalliferous underground mine in Australia and one of the largest in the world once it reaches full capacity.
According to the news release by Newcrest, the $2 billion project will support more than 2,000 jobs in the region, ensuring over $160 million in annual household income.
Commercial production from panel cave 1 began in January last year; panel 2 is still in construction, with commercial production set to commence in the 2015 financial year.
“Cadia East is a large, long life asset and a cornerstone of our Company’s strategy. It is one of the largest gold and copper deposits in the world, with 2.8 billion tonnes of ore estimated to contain 37 million ounces of gold and 7.5 million tonnes of copper. With an approved mine life of 21 years, Cadia East will deliver significant economic benefits to the local community, the workforce and suppliers, local, State and Federal governments, and of course Newcrest’s shareholders for the long term,” said Newcrest Managing Director and Chief Executive Officer, Greg Robinson.
“We have worked hard over the past two and a half years to build a world class underground mining operation that not only supports the growth of Newcrest, but will provide lasting benefits to the local community. Through extensive planning and teamwork, we have built a highly efficient, low cost mine more than 1.2 kilometres under the surface. We have continued to utilise the latest technology and challenged ourselves to improve bulk underground mining methods along the way. Cadia East is at the forefront of innovation and is of international interest. This mine is a credit to our dedicated and skilled people and I am exceptionally proud of their success.”