Newmont Mining Corp. (Newmont) has achieved commercial production at its Twin Creeks Underground expansion project, adding higher-grade, lower-cost gold production at its Twin Creeks operation in Nevada. The project was reportedly completed on schedule for US$42 million, slightly below guidance of between US$45 and US$55 million.
The Twin Creeks underground mine is expected to add between 30 000 and 40 000 oz of gold production per year at all-in sustaining costs1 of between US$650 and US$750/oz for its first five years of production. This new ore will also allow Newmont to process stockpiled ore that had previously been classified as waste, and extend processing life to 2030.
“The expansion extends profitable production and improves recoveries at Twin Creeks, and serves as a platform to further explore the deposit, which remains open along strike and at depth,” said Gary Goldberg, President and CEO of Newmont.
“This project marks the sixth that Newmont has completed on or ahead of schedule and at or below budget over the last five years, and generates an internal rate of return of about 20%.”
The Twin underground mine is mechanised, featuring remotely-operated loaders to improve safety and efficiency. Twin underground ore will also be blended with ore from Turquoise Ridge. In early 2018, Newmont and Barrick Gold Corp. approved the Turquoise Ridge Mine Optimisation project, which involves sinking a production shaft to access the richest part of the deposit. The new shaft is expected to increase ventilation capacity and lower unit costs by more than 20%, while increasing ore production rates to at least 1.1 million tpa when it comes on line in 2022.
Read the article online at: https://www.globalminingreview.com/finance-business/04072018/commercial-production-begins-at-newmonts-twin-creeks-operation-nevada/