The Newcrest Mining board has approved $175 million be spent on Stage 2 of the expansion that will see gold and copper production increase.

The project has created 860 new jobs on top of the permanent workforce of about 1500.

While most of the roles have been filled following an extensive recruitment campaign over the past 12 months the mining company is still working with Orange360 and accommodation providers to house workers moving to the region.

Newcrest managing director and CEO Sandeep Biswas said the Cadia expansion included new and upgraded equipment that would increase the plant capacity from 33 million tonnes per annum to 35 million.

It would also boost gold recovery by 3.5 per cent and copper recovery by 2.7 per cent over the life of the mine.

Mr Biswas said the company expected to recoup its investment in little over four years.

"Stage 2 of the Cadia Expansion Project increases plant capacity to 35 mtpa, enabling an increase in gold and copper recoveries, an increase in production and a reduction in unit costs," he said.

"Cadia is one of the largest, lowest cost, long life gold mines in the world due to the application of Newcrest's industry leading block caving technology, and this investment helps Cadia maintain this industry leading position.

"I am pleased that Newcrest is able to generate well paying jobs for people in Australia over the next two years," he said.

"Stages 1 and 2 of the Cadia Expansion Project are expected to generate direct employment in Australia of approximately 860 people at its peak."

Mr Biswas said it showed Newcrest was "well positioned for the future".

The Cadia expansion has already gained government approval.

Mr Biswas said the expansion works at Cadia should be finished by mid-2022.

"The rate of ore mined from Cadia is expected to vary over time," he said.

Mr Biswas said the increased rates of mining [33-35 mtpa] would occur from 2026-27.

"Higher mine production rates may be possible, subject to further studies," he said.

The latest financial report showed Newcrest achieved a successful year despite challenges faced during the COVID-19 pandemic.

According to the company's 2019-20 financial year results Newcrest Mining improved its safety results with no fatalities or life-changing injuries and increased gold production to 2.2 million ounces.