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Newcrest prepares for Telfer hard sell

CAN Newcrest Mining's new chief scrape up enough pennies to build Australia's biggest gold mine? That is the question gold punters are asking after CEO Tony Palmer this week signalled that Newcrest's proposed Telfer operation may produce up to 1 million ounces per annum from late 2004.

Stephen Bell

That would put Telfer well ahead of Normandy/Barrick's Super Pit at Kalgoorlie, which produces around 600-700,000 ounces. However, a reborn Telfer may only be capable of hitting the magic 1 million mark...

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