{"id":1133104,"date":"2019-08-16T15:45:08","date_gmt":"2019-08-16T20:45:08","guid":{"rendered":"https:\/\/www.mining.com\/?p=999550"},"modified":"2019-08-16T15:45:08","modified_gmt":"2019-08-16T20:45:08","slug":"newcrest-takes-over-at-red-chris-jv","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1133104","title":{"rendered":"Newcrest takes over at Red Chris JV"},"content":{"rendered":"<p>Imperial Metals\u2019 sale of a 70% interest in the Red Chris copper-gold mine in B.C. has officially closed, with Australia\u2019s Newcrest Mining now the operator of the asset.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Newcrest paid $804 million for its majority interest. The deal was first announced in March.<\/p>\n<p>\u201cWe are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio,\u201d &nbsp;Newcrest\u2019s managing director and CEO, Sandeep Biswas, said in a release.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> Red Chris began production in 2015 and hosts reserves of 301.5 million tonnes grading 0.36% copper and 0.27 g\/t gold <\/p>\n<\/blockquote>\n<\/figure>\n<p>\u201cWe are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris. We are excited to establish a strong presence in British Columbia, a quality mining jurisdiction in a country with roots in mining, much like Australia.\u201d<\/p>\n<p>Red Chris, which began production in 2015 and is located 80 km south of Dease Lake, hosts reserves of 301.5 million tonnes grading 0.36% copper and 0.27 g\/t gold. Production for 2019 is forecast at 72-76 million lb. copper and 36,000 to 38,000 oz. gold. Newcrest has said it has identified a clear path to turn Red Chris into a Tier 1 operation.<\/p>\n<p>Imperial will use the funds to pay down debt and as working capital. The company is still suffering the financial repercussions of the 2014 tailings dam failure at its still-suspended Mount Polley copper-gold mine in B.C.<\/p>\n<p>\u201cThe sale of a 70% interest in Red Chris to Newcrest will allow Imperial to significantly strengthen its balance sheet, while continuing to hold a 30% interest in a joint venture that will leverage Newcrest\u2019s unique technical expertise in block caving operations,\u201d said Imperial\u2019s president, Brian Kynoch.\u00a0\u201cWe look forward to working alongside Newcrest with this new venture as well as the resumption of exploration activities at Red Chris.\u00a0As a result of this transaction, Imperial will be in a much better position to create value and opportunities for its shareholders and stakeholders.\u201d<\/p>\n<p><em>(This article first appeared in <a href=\"http:\/\/www.canadianminingjournal.com\/\"  rel=\"noreferrer noopener\" aria-label=\"The Canadian Mining Journal) (opens in a new tab)\">The Canadian Mining Journal)<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The miner paid $804 million for its majority interest in the British Columbia copper-gold project.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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