Newcrest takes Telfer gold mine off table

SYDNEY: Newcrest Mining said it has called off the proposed sale of its Telfer gold mine in Australia, and will instead invest to extend the mine’s operations as it seeks to maintain the company’s overall gold output this year.

Newcrest, which posted a net profit of A$546mil (US$403mil) for the year to June 30 after a A$2.2bil loss a year ago due to writedowns at its Papua New Guinea operations, said there had been considerable interest in Telfer.