No Major Damage Detected to Newcrest's Cadia Mine After Seismic Event

By Ben Collins

WELLINGTON, New Zealand--Newcrest Mining (NCM.AU) said initial inspections show a seismic event at its Cadia gold mine in New South Wales caused no major damage.

The "large seismic event" occurred Friday and temporarily suspended mining operations but didn't cause any injuries.

Newcrest Mining said in a statement that a preliminary inspection didn't detect any major damage to the mine or associated infrastructure, but that it wasn't fully complete and further verification was needed.

"Newcrest has been working with the New South Wales Mining Inspectorate who has approved access to the mine for the purpose of re-establishing critical services, conducting inspections and undertaking engineering assessments of existing ground support and other key infrastructure," the company said.

Minimal damage was detected within the mine's panel cave No. 2, and while the assessment of panel cave No. 1 hadn't been completed it appeared to have sustained some damage to access ways, the company said.

"A cautious approach" was being taken to assessing the panel cave no.1 extraction level, using a remote-controlled camera prior to personnel entering the area, Newcrest said.

Shares in Newcrest Mining last traded at A$25.00 a share.

Write to Ben Collins at [e-mail]

(END) Dow Jones Newswires

April 17, 2017 20:19 ET (00:19 GMT)

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