Two major projects in execution with the industry’s leading organic project pipeline.
Tanami Expansion 2
1.5km deep production shaft, increasing productivity and improving efficiency.
Purpose Overview
- Completed production shaft concrete lining; shifting to shaft equipping and infrastructure build-out.
- Initiating equipment testing and commissioning; headframe construction and mechanical completion expected late 2026.
2026 Capital Spend
100%
Spend to date: ~$1.3B
Projected total spend: $1.7–$1.8B
Projected total spend: $1.7–$1.8B
Scheduled completion
H2 2027
Progressing on track and in line with plan
Cadia Panel Caves
Two caves to recover over 5.0Moz of gold reserves and 1.0Mt copper reserves.
Purpose Overview
- Cave establishment progressing at PC2-3 with additional drawbells fired; project completion expected in late 2026.
- First PC1-2 drawbell fired in December 2025, initiating the next critical phase of cave development.
2026 Capital Spend
~370M
Spend to date: ~1.6B
Projected total spend: $2.0–$2.4B
Projected total spend: $2.0–$2.4B
Scheduled completion
2029
PC2-3: Q4 2026
PC1-2: Cave completion in 2029
PC1-2: Cave completion in 2029
Lihir Nearshore Soil Barrier
Extends mine life beyond 2040, enabling production of over 5.0Moz of gold.
Purpose Overview
- Construction of a water seepage barrier through installation of an inground concrete wall.
- Unlocks additional mining of the Kapit ore body, allowing profitable production beyond 2040.
2026 Capital Spend
~140M
Spend to date: N/A
Projected total spend: ~$500–$550M
Projected total spend: ~$500–$550M
Scheduled completion
H2 2028
Full funds approval received in February 2026