Report: Newmont’s main Cadia mine shut down after quake

Cadia, one of Australia’s largest gold mines. (Image via Newcrest).

Underground operations at Newmont’s (NYSE, ASX: NEM) Cadia gold mine in Australia – one of the country’s largest mining operations – have been suspended for the second time in nine weeks after two earthquakes struck New South Wales state on Friday, the Australian Broadcasting Corporation reported.

A 3.4 magnitude earthquake was recorded Friday at around 5:45 a.m. local time inside the Cadia mine site, ABC reported. This followed a 3.2 magnitude tremor recorded at around 3:20 a.m. Cadia is located about 250 km west of Sydney.

The Australian Broadcasting Corporation quoted Newmont as saying in a statement that all underground workers returned safely to the surface, and there were no reports of any injuries.

The Australian Broadcasting Corporation said that the second earthquake occurred at a depth of one kilometer underground. Inspections are conducted on site.

Spokespeople for Newmont did not immediately respond Friday to an email from The Northern Miner seeking comment.

April earthquake

Cadia represents about 11% of Newmont’s net asset value, according to RBC Capital Markets. Newmont gained full control of the operation in November 2023 when it completed its $19 billion acquisition of Newcrest Mining.

Friday’s quakes come on the heels of a 4.5 magnitude event at Cadia on April 14, which prompted Newmont to suspend underground mining for about five weeks. No major damage was reported.

Newmont then unveiled a five-week rehabilitation process to reach 80% of Cadia’s capacity, Josh Wolfson, a mining analyst at RBC, said in a note on Friday. He added that “full normalization” is expected in the third quarter.

“Seismic issues at Cadia present a safety risk and operational uncertainty, which could impact production targets or introduce additional regulatory risks,” Wolfson wrote.

Complete control

Cadia produced about 385,000 ounces. of gold and about 82 thousand tons of copper last year. The mine has been approved to continue operations until 2031, although mineral resources are set for production until at least 2048.

Commercial production at the Cadia East underground mine began in 2013 using large-scale caving methods.

Newmont shares fell 6.7% to A$143.47 on Friday in Australian stock exchange trading, valuing the company at about A$111 billion (US$78 billion). US stock markets were closed for Independence Day, which falls on June 11.

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