Cadia operations, Orange, New South Wales, Australia. (Photo: Business Wire)
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) achieved The Copper Mark and The Molybdenum Mark following an independent assessment, recognising responsible production practices at Australia’s largest underground mine. Newmont Corporation acquired the Cadia mine as part of its $26.2 billion takeover of Newcrest Mining Limited, finalized on November 6, 2023. This acquisition marks a significant consolidation in the gold mining sector, enhancing Newmont’s position as the world’s largest gold producer.
Cadia is located approximately 16 miles (25 kilometres) south-southwest of Orange in Central West New South Wales (NSW) and 250 kilometres west of Sydney, and comprises the Cadia East underground mine, which is one of the largest gold and copper deposits in the world, and Ridgeway Underground Mine, currently in care and maintenance.
It is Newmont’s first site globally to receive the award after successfully meeting more than 30 criteria needed in critical areas including environment, community, human rights and governance, amongst others.
Newmont’s Cadia mine is the nation’s second largest copper producer and the third site in Australia to receive The Copper Mark. Cadia is the only operating mine producing molybdenum in Australia and thus the only mine to receive The Molybdenum Mark, a critical mineral used in industry and defense.
“Meeting the increasing demand for copper around the world brings an obligation to sustainability and responsible mining which prioritises environmental stewardship, social responsibility, and economic development for the communities in which we operate,” stated Suzy Retallack, Chief Safety and Sustainability Officer at Newmont.
She added that Newmont’s “global customers can now choose to source copper concentrate from an independently evaluated mine that meets the highest standards in environmental, social, and governance practices, responding to the increasing demand for sustainable supply chains.”
“With this, about 35% of Australia’s copper is produced at sites that have obtained The Copper Mark.” said Michèle Brülhart, the Copper Mark’s Executive Director.
In 2020, Cadia entered into a 15-year renewable Power Purchase Agreement (PPA) with Tilt Renewables Limited to buy 55% of the wind farm’s output. Now fully operational, Rye Park is supplying approximately half of Cadia’s power needs.
“Cadia’s commitment to the community supported an investment of almost $6 million AUS in the 18 months to December 2023 to support community projects, education and infrastructure,” Retallack said.
