Newcrest's 2020 growth ambition takes shape in Ecuador

NEWCREST Mining boss Sandeep Biswas prides himself on ensuring Newcrest lives up to its mantra of being a company that does what it says it will do, writes Barry FitzGerald.

Newcrest's 2020 growth ambition takes shape in Ecuador Newcrest's 2020 growth ambition takes shape in Ecuador Newcrest's 2020 growth ambition takes shape in Ecuador Newcrest's 2020 growth ambition takes shape in Ecuador Newcrest's 2020 growth ambition takes shape in Ecuador

So when Biswas said last month he wanted Newcrest to have ‘’exposure’’ to five Tier 1 orebodies by 2020, up from the current three of Cadia, Lihir and Golpu, there should have been an expectation that something would soon follow.

And it did – the US$250 million acquisition of a 27.1% interest in Canada’s Lundin Gold, the owner of the at times controversial Fruta del Norte gold project in Ecuador.

The acquisition was announced all of nine days after Biswas declared his 2020 target of five Tier 1 orebodies.

While the move on to the Lundin Gold share register was in keeping with Biswas’ mantra of Newcrest doing what it says it will do, the deal was nevertheless portrayed by the market as something ...