MELBOURNE, Australia, Oct. 1, 2012 /CNW/ - Newcrest Mining Limited ("Newcrest") (ASX: NCM) (TSX: NM)
As noted in a media report today, a private exploration company called Gold and Copper Resources Pty Ltd (GCR) has recently brought four legal actions against Newcrest. Newcrest believes that none of the claims has merit, and is and will be vigorously defending each of the court actions. Newcrest considers that these matters are not material, and do not adversely impact either day-to-day operations at Cadia or the commencement of commercial production at the Cadia East project.
Two of the actions by GCR dispute the awarding of exploration licences to Newcrest by the NSW Government, one is in relation to an alleged breach of confidence in respect of GCR exploration technology, and one is in relation to permitting of activities beyond the current mining lease borders at Cadia.
GCR has holdings of exploration licences in the Cadia district. GCR is seeking to expand those holdings, including by challenging existing Newcrest exploration tenure in the region. This exploration tenure is not material to Newcrest's mining operations.
Newcrest's Cadia Valley assets have been in operation for 15 years. Over the past 5 years Newcrest has reinvested over $500 million into the Ridgeway Deeps mine, in excess of $2 billion into the Cadia East mine operation and plant expansion (on schedule to start commercial production in December 2012), and plans to invest a further $1.3 billion in Cadia East over the next 5 years. Newcrest has approximately 2700 employees and contractors currently working at Cadia Valley.
SOURCE: Newcrest Mining Limited
For further information:
T: +61 3 9522 5593
E: [email protected]