📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Newcrest Papua New Guinea gold mine remains suspended after worker's death

Published 20/07/2015, 10:49 am
Newcrest Papua New Guinea gold mine remains suspended after worker's death
NCM
-
HARJ
-

SYDNEY, July 20 (Reuters) - Gold and silver mining remains suspended at Papua New Guinea's Hidden Valley mine following the death of a worker on July 18, joint venture partner Newcrest Mining NCM.AX of Australia said on Monday.

"Safety is our number one priority and production at Hidden Valley is suspended until further notice," spokeswoman Rachel Eaves said in an email to Reuters.

It is the second incident in little over a month where a Newcrest mine in Papua New Guinea has been forced to suspend production.

The company's larger Lihir gold mine on Lihir Island in the Bismark Sea was shut for 36 hours in June due to a dispute over a compensation package. ID:nL3N0YV041

The Hidden Valley mine is owned 50-50 by Newcrest and Harmony Gold Mining Ltd HARJ.J of South Africa.

The employee was fatally injured in an incident on a road at the mine site and an investigation was underway, according to an earlier Newcrest statement. ID:nWNBS011HW

It was not immediately clear what had led to the fatality, according to Eaves.

The Hidden Valley mine has a production target of a quarter of a million ounces of gold and 2.5 million to 3.0 million ounces of silver annually.

Because the incident occurred after the end of the fiscal 2015 year on June 30, analysts were not expecting any impact annual production figures scheduled to be released on July 23.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.