Newcrest completes financing for $1.2billion Telfer project

31/03/03
State Development Minister Clive Brown today congratulated Newcrest Mining Limited on its announcement that it would spend $1.2billion building the Telfer gold and copper project in the State's North-West.
"This is an exciting day for the Western Australian gold industry, Pilbara region and State of Western Australia," Mr Brown said.
"This commitment also reflects the increasingly optimistic outlook stirring within the gold sector, which could lead to new investment, discoveries and projects."
The Minister said Telfer would be a major gold operation, with production estimated at 800,000 ounces of gold, and 30,000 tonnes of copper each year over a 24-year period.
"Telfer will rival the Super Pit as one of Australia's largest gold mines when production resumes in early-2005," he said.

"I congratulate Newcrest for its commitment to WA's gold sector and the substantial investment it has made."
Mr Brown said the project built upon the significant wealth of the Pilbara region, which was presently WA's most prosperous area, with billions of dollars of new projects committed or under construction.
"The $1.2billion Telfer project will ensure this prosperous period continues and provide a range of flow-on benefits, including 1,222 new jobs during construction," he said.
"It will also significantly strengthen the State's position as the world's third largest gold producer."
WA currently produces about 7.5 per cent of the world's gold, with 185 tonnes of gold produced in 2001-02 worth $3.28billion.
Newcrest Mining will also build a new, 18 million tonnes per annum capacity processing plant. A major component of the project will be a 440km infrastructure corridor from the mine to Port Hedland.
WA produced more than two thirds of Australia's gold in 2001, which was exported to key markets including the United Kingdom (23.8 per cent), South Korea (16.7 per cent), Singapore (16.4 per cent) and Hong Kong (15.8 per cent).
Minister's office: 9222 9699