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.
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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.
