Newcrest says it remains committed to Fiji

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

Works continue
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.

3 Comments

Filed under Exploration, Fiji

3 responses to “Newcrest says it remains committed to Fiji

  1. lunging m

    Plunging gold prices! Fear, fear, fear in the name of huge profits to date. If one really wants to know about this fear tactic, check out the gold prices and operating cost/oz at the initial approval stage for the each mine. Plunging gold price of $1500/oz today is 3-4 times higher in some cases for when these mines began. So be on watch my country men. Let us not be fooled by greedy, profit maximizing, shareholder pleasing, executive greed scare tactics.

  2. WESELY

    Its not $1,500 its $1,470 and some of these projects have cash costs of between $1,150 and $1,200 dollars.
    It does not take much to tip them intothe red.
    Have you ever heard of CPI?
    Why don’t you encourage people to work for a living instead of having them wait for a big silver bird to land at your/their door step and unload wealth for nothing.

    • lunging m

      Have you checked what costs make what is on print cost/oz or are we just accepting gospel truth from mining companies and which mine has costs/oz of $1150 and $1200?. Check your facts again before you put out false info.

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