Cadia East PC1 Production Begins Again
The remediation and upgrade work required to recommence use of Cadia East’s Panel Cave 1 (PC1) crusher chamber has been completed to a standard consistent with Newcrest’s emphasis on safe, strong and sustainable operations. Extraction of ore has now recommenced from two extraction drives in PC1, the company said.
Western Australia Hikes Royalty on Gold Production
The government of Western Australia announced in early August that from January 1, 2018, a tiered royalty rate will be introduced on gold production in the state, with the royalty rate determined by the Australian dollar price of gold. The current 2.5% rate will apply for each month when the gold spot price (averaged over a month) is A$1,200/ounce (oz) or less, and an increased rate of 3.75% will apply when the spot price is above A$1,200/oz. At the time of the announcement, the price of gold in Australia was about A$1,660/oz.