Rosi Doviverata | Fiji Sun
Newcrest Mining Limited remains committed to the Namosi project in Fiji.
This is despite reports of future action to “simplify and reduce activity” across its business in Australia and the Pacific.
Greg Morris, Namosi Joint Venture country manager, said Newcrest remains committed to the Namosi project.
“Namosi is an exploration project, not an operating mine,” he stressed.
“The Namosi Joint Venture has completed the current phase of studies and exploration drilling activities in the Wainavadu Valley and at Waisoi with exploration drilling now focus
Work will continue on the draft environmental impact assessment for the Waisoi project.
The Namosi Joint Venture is a group of three companies which have come together to explore for and potentially mine mineral resources in the Namosi and Naitasiri provinces.
The joint venture is made up of Newcrest Mining Limited (69.94 per cent), Mitsubishi Materials Corporation (28.06 per cent) and Nittetsu Mining Co. Ltd (2 per cent)
Newcrest is the operator and manager of the Namosi project.
Plunging gold prices
In Australia, the recent plunge in gold price continues to take its toll on its fourth-biggest mineral export industry. Newcrest Mining hasn’t been spared.
In its March-quarter results, Newcrest revealed that production costs of mines across Australasia are unprofitable at current gold prices.
The report said that with its major projects ramping up and the more challenging external environment, Newcrest will review all of its business activities, particularly those related to higher cost current or future production.
It revealed that it had already axed 150 jobs from its Melbourne and Brisbane offices as part of a cost-cutting regime.
About Newcrest Mining
Newcrest is one of the world’s top five gold mining companies by reserves and market capitalisation. It operates mines in four countries, and has a global workforce exceeding 19,000.