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Thursday, 30th June 2005 (4636 views)

Newcrest Mining has increased its gold ore reserve forecast today.<br/><br/>The Australian miner has upped forecasts by 20 per cent, a move that is set to increase takeover speculation in the industry.<br/><br/>Total gold ore reserves now stand at around 35 million ounces, making the miner the sixth largest in the world.<br/><br/>Newcrest has been considered a target by global miners such as Newmont, Placer Dome, Barrick and AngloGold.<br/><br/>The company's Cadia East deposit in New South Wales is currently undergoing feasibility studies, with exploration uncovering an ore reserve estimate of six million ounces of gold.<br/><br/>Cadia East will not be mined until 2009 and reserves are expected to increase as exploration continues.<br/><img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15000069"/>

 

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