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Newmont Welcomes Canadian Government's CA$500 Million Support for Domestic Project; Shares Gain 4%

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Newmont (ASX:NEM) on Friday welcomed the Canadian government's decision to provide CA$500 million of financial support for the company's domestic Red Chris Block Cave project.

The company is completing a definitive feasibility study for the project, which is expected to extend the life of the current Red Chris mine by about 14 years, it said.

Red Chris Block Cave is forecast to create more than 1,800 jobs during construction, sustain a total of 1,500 peak-season operational roles, and boost Canada's copper production by an estimated 15%, Newmont said.

The company's shares gained 4% in recent Friday trade.

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Newmont Welcomes Canadian Government's CA$500 Million Support for Domestic Project; Shares Gain 4% | FINWIRES