NCMGY - Newcrest Mining: High-Grade Havieron Resource Stengthens Investment Thesis
- Newcrest Mining announced a maiden inferred resource at its 60% owned Havieron deposit last month, which lies next door to its currently operating Telfer Mine.
- The report has shown a resource of 3.4 million ounces of gold and 160,000 tonnes of copper, with an average grade that dwarfs that of Telfer's current reserve grade.
- Given the robust nature of Havieron, Newcrest has approved construction at the project, with the hope to be trucking high-grade Havieron ore to Telfer by 2024.
- While I think there are better miners out there, I think this development likely puts a floor under Newcrest at US$19.00 given that its weakest operation should be revamped by FY2024.
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Newcrest Mining: High-Grade Havieron Resource Stengthens Investment Thesis