Gold News

Telfer on track to become biggest Oz gold mine

The Telfer property in Australia is on track to become the country's biggest gold mine, overtaking Kalgoorie's Super Pit.

Tim Lehaney, general manager of operations at Telfer owner Newcrest Mining, told Mineweb that the mine has so far this year produced around 663,000 ounces of the precious metal, although he did not reveal what the 2007 target figure would be.

Newcrest has mines in New South Wales, Queensland and Indonesia. According to Lehaney, the Metals Economics Group ranks the company as the most successful at discovering major gold deposits between 1992 and 2005.

Its discoveries comprised a gold equivalent of 98.4 million ounces, as opposed to 59.3 million ounces by the world's largest gold producer, Barrick.

For the three months ending June 30th, Newcrest reported gold production of 463,170 ounces.

Newcrest was incorporated in 1980 and is Australia's leading gold mining company.


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