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Newmont Goldcorp approves phase-2 expansion at Tanami gold mine in Australia

Newmont Goldcorp Corp.'s board unanimously approved a phase-two expansion of the Tanami gold mine in Australia's Northern Territory, potentially extending the operation's life beyond 2040.

The expansion comprises building a 1,460-meter shaft and supporting infrastructure, including increased processing capacity, to allow ore to be recovered from a depth of 2,140 meters. The project will focus on the Auron, Federation and Liberator deposits.

The gold major said Oct. 25 that it will provide more details when it releases its long-term outlook in early December.

In September 2017, Newmont Goldcorp achieved commercial production for the first-phase Tanami expansion that extended the mine's life by three years, after the expansion was pushed through in 2015 despite a slump in gold prices. Earlier in 2019, the company completed a US$245 million power station at the mine.

Newmont Goldcorp noted that Tanami has produced more than 10 million ounces of gold since mining started in 1986, with record gold production of 505,000 ounces in 2018.