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Statement provided to the ABC regarding the Namosi Project on 21 Februry 2012

09 March 2012

Newcrest receives Conditional Approval for TSX Listing

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Namosi Joint Venture is exploring for minerals in the Namosi and Naitasiri provinces and assessing a potential copper mine with gold by-products in the Waisoi area approximately 30 kilometres west of Suva. The Waisoi Project is currently in the pre-prefeasibility study phase.

A mine at Waisoi has the potential to bring significant employment, economic and other benefits to the local and wider Fiji community. The construction workforce is expected to peak at around 2,000 and the permanent operational workforce would be approximately 1,000 people.

We have for some time been gathering detailed social, environmental and technical information to understand the best way to build a mine should it proceed.

An extensive Environmental Impact Assessment (EIA) process is currently underway. The EIA is a requirement of the Fiji Government and is being done under their terms of reference by Golder Associates, an internationally recognised consultancy on the Fiji Government’s EIA panel. They are being supported locally by the University of the South Pacific.

The EIA will identify potential environmental and social impacts and the process includes extensive community consultations to seek feedback on the proposed mine. The EIA will help determine whether a mine can be developed safely in an environmentally sustainable manner.

The Fiji Government will use the EIA to determine if a mine can proceed and under what conditions. The Namosi Joint Venture will then decide whether to build and operate a mine if it can be done economically and at an appropriate social, environmental and safety standard.

We understand that a project of this scale in Fiji is relatively new and that local villagers will want the opportunity to access and consider information about the project. We also recognise that they will want to understand the potential impacts as well as the benefits.

A final decision will only be made when the community, Government and the Namosi Joint Venture are comfortable with the proposed project.

In that regard the Namosi Joint Venture welcomes the Prime Minister’s leadership and his establishment of a process to address areas of concern from both landowners and the Joint Venture.

Following recent meetings between the Government, landowners and the Namosi Joint Venture, landowners have agreed that we can continue rehabilitation work on our prospecting sites.
 
Background

The Namosi Joint Venture (NJV) is a group of three companies who have come together to explore for and potentially mine mineral resources in Fiji.

The NJV includes Newcrest (Fiji) Ltd (70%), Mitsubishi Materials Corporation (28%) and Nittetsu Mining Co. Ltd (2%). Newcrest is the operator and manager of the NJV.

The NJV has been granted a Special Prospecting Lease (SPL 1420) by the Fiji Government to explore for minerals in the Namosi region, about 30kms west of Suva. The licence area is primarily in Namosi and Naitasiri Provinces.

The location has been explored and studied for potential mining for about 40 years.

The current focus of NJV exploration activities is at Waisoi in Namosi.

An Environmental Impact Assessment (EIA) is underway to assess the potential social and environmental impacts of a proposed mine at Waisoi.

If a mine at Waisoi can be safely and economically developed, it will bring significant economic and other opportunities to the local and wider Fiji community.

The NJV is committed to working closely with the local community and other stakeholders.
 

For further information, please contact:

Investor Enquiries – North America/Europe

Steve Warner
T: +1 212 351 5064
E: steve.warner@newcrest.com.au

Investor Enquiries – Australia/Asia

Kim Kerr
T:  +61 3 9522 5316
E: kim.kerr@newcrest.com.au

Media Enquiries

Kerrina Watson
T: +61 3 9522 5593
E: kerrina.watson@newcrest.com.au

This information is available on our website at www.newcrest.com.au.