Newcrest managing director and CEO Sandeep Biswas confirmed there was a formal process underway for Bonikro – the smallest of its five operations.

Biswas said the strategic review would be similar to the one undertaken at Telfer two years ago where it would evaluate a potential sale. It ultimately held on to Telfer and invested in a cutback.

If the company doesn’t sell Bonikro, it will be investing in pushback five to extend the life.

“There’s no [review completion] date, but what I have said is I expect it will be completed in the coming months,” Biswas told reporters today.

Part of the company’s early stage exploration efforts have been focused on West Africa, both with juniors and in an alliance with Randgold Resources, and Biswas said the outcome of the Bonikro review would not impact its activities there.

Newcrest has signed seven farm-in and joint venture agreements on early stage prospects across the globe in the past year.

Aside from West Africa, where shallow open pittable resources are being targeted, the company is focused on epithermal deposits in Indonesia, and more recently Central and South America.

“That region is considered prospective for large copper-gold porphyry deposits that play to our strength of block caving,” Biswas said.

Biswas said there were still prospective opportunities in the junior, and Newcrest was often approached for its technical expertise.

“People actually seek us out for our skills,” he said.

Biswas said Newcrest had a small M&A team, but it became much more competitive – and more expensive – the larger the asset.

He refused to comment on speculation over a possible sale of EMR Capital’s Martabe mine in Indonesia.

Biswas said the focus would remain on profitable growth, rather than growth for growth’s sake.

“Our focus, in terms of growth, is on our existing assets, namely Cadia and Lihir, as well as Golpu in Papua New Guinea,” he said.

He said the company remained comfortable in Indonesia and PNG.

An updated feasibility for Golpu, a joint venture with Harmony Gold, is due at the end of the March 2018 quarter, but the timeline to production remains dependent on the grant of the special mining lease.

“I think the government understands that major projects are key to the PNG economy going forward,” Biswas said.

Newcrest closed the 2017 financial year with cash and cash equivalents of US$492 million, and net debt of $1.5 billion.

Shares in Newcrest were down by 1.1% to A$21.60 in afternoon trade.