Newmont goldcorp corporation announces second expansion at tanami in australia

Newmont goldcorp corporation announced that its board of directors unanimously approved advancing the tanami expansion 2 project into the execution phase. the project is expected to exceed the company’s required internal rate of return with profitable production and mine life extending beyond 2040. the expansion includes construction of a 1,460 meter shaft, additional capacity in the processing plant, and supporting infrastructure to enable profitable recovery of ore at depth to 2,140 meters below surface. additional information on the project will be provided with the company’s long-term outlook in early december. the advancement of tanami expansion 2 into the execution phase represents a new and significant milestone for the operation. since mining commenced in 1986, tanami has produced more than 10 million ounces of gold and, in 2018, the operation achieved record production of 505,000 ounces. tanami is located 590 miles southwest of darwin and 350 miles northwest of alice springs in australia’s northern territory.
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