The miner said the report supports the deposit’s robust project economics including an NPV5% of C$236 million and IRR of 30% at $1,500-ounce gold.

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The latest intercepts indicate a “large zoned and significantly enriched copper-gold envelope at Gate,” which would be typical for porphyry-hosted mineralization, the company said.

Around a third of Newcrest’s shareholders are based in North America.

Production outlook for the mine was previously set at 340,000-370,000 ounces in 2020.

The average price Freeport received for its gold surged nearly 28% to 1,902 per ounce in Q3, with copper and gold sales nearly 7% higher than the company's July estimates.

Vale has the option to acquire two additional Cu-Au projects in the Timok region.

A weaker U.S. dollar, rising inflation risks and demand driven by additional fiscal and monetary stimulus from major central banks will spur a bull market, according to the bank.