Newcrest



Resources and reserves

Newcrest’s growth strategy is built around maximising our portfolio of existing properties and exploring and developing new projects to become the next generation of long-term mines.

This growth strategy includes improving our resource to reserve conversion by developing ore body knowledge and mining solutions, unlocking the value of our major projects and identifying new provinces to sustain our growth profile.

Governance

Governance of Newcrest’s mineral resources and ore reserves development and management activities is a key responsibility of the Resources & Reserves Steering Committee (the committee). The Executive General Manager Minerals chairs the committee and members include representatives from Newcrest’s Executive Committee and the minerals, operations, projects and studies, ore processing and commercial/financial areas of the business.

The committee is responsible for monitoring the planning, prioritisation and progress of exploratory and resource definition drilling programs across the company and the estimation and reporting of resources and reserves. These definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects including drill hole siting, sample collection, sample preparation and analysis as well as sample and data security.

The committee’s control and assurance activities are guided by a four-level compliance process:

  • Provision of policies, standards, procedures and guidelines
  • Resources and reserves reporting based on well-founded assumptions and compliant with external standards such as the Australasian Joint Ore Reserves Committee (JORC) Code and the Canadian National Instrument 43-101 (NI43:101)
  • External review of process conformance and compliance
  • Internal assessment of compliance and data veracity.

The committee aims to promote the maximum conversion of identified mineralisation into JORC and NI43-101 compliant Mineral Resources and Ore Reserves.

Newcrest reports its mineral resources and ore reserves on an annual basis, in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code) 2004 Edition. Mineral resources are quoted inclusive of ore reserves.

Competent Persons named by Newcrest are members of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, and qualify as Competent Persons as defined in the JORC Code.

Please refer to the Resources and Reserves Statements, Exploration Reports and Technical Reports on our five material properties for more information.