Newmont seeks to extend Cadia until 2050

Newmont (NYSE: NEM, TSX: NGT, ASX: NEM) has applied to extend the permit for its Cadia operation, Australia’s largest underground mine, until 2050.

Located near Orange in New South Wales (NSW), Cadia produces nearly 600,000 ounces of gold and a large share of the country’s copper. It is also the only operating molybdenum mine in Australia.

The company said on Thursday it had submitted a referral application under the Environment Protection and Biodiversity Conservation Act supporting its intention to continue mining at the mine.

Newmont aims to extend its operations by utilizing both existing and new infrastructure, alongside ongoing underground mining at the Cadia East and Ridgeway sites.

The company states that, if approved, the proposal would lead to a “modest increase in the mine’s footprint to allow for expanded tailings storage and infrastructure relocations.”

“There is room within Australia’s regulatory system for pragmatism and rigour to co-exist in support of environmental protection, local jobs and local communities,” said Newmont chief sustainability officer Suzy Retallack.

“Extension of Cadia’s operations will secure more than 2 100 full-time jobs, as well as the future of our local suppliers – more than half of whom have their head office based in NSW, with one-fifth having their head office based in the Central West,” she said.

The mine recently earned recognition for sustainable production, receiving both The Copper Mark and The Molybdenum Mark credentials.