The first stage of the project is estimated to cost US$685 million.
Newcrest says the first stage will include the next cave development and an increase in the nameplate capacity of the process plant to 33 million tonnes a year.
The second stage, currently being reviewed, is focussed on a further increase in processing capacity to 35 million tonnes a year. and recovery rate improvement projects.
Shares in Newcrest Mining (ASX:NCM) closed 4.79 per cent lower at $33.56 yesterday.