Gold miner Newcrest Mining Limited
(ASX:NCM) has inked an exploration deal with Mungana Goldmines Limited
(ASX:MUX).
The agreement will see Newcrest explore for copper-gold at Mungana’s Chillagoe Project in North Queensland.
Newcrest will spend up to $20 million over eight years through an initial commitment payment and an option to sign a farm-in agreement.
Mungana says Newcrest will bring the expertise and financial capacity required to undertake the sort of deep and large scale exploration needed to discover deposits of this scale.
Newcrest Mining reported a net profit of $207 million in the first half of the 2015 financial year.
