Newcrest Mining Ltd
(ASX:NCM) has signed an agreement, offering the miner the possibility of earning a majority interest in a joint venture in Papua New Guinea.
The heads of agreement deal with Triple Plate Junction Plc provides Newcrest with an opportunity to enter a prospective exploration project in the Asia-Pacific region at an early stage.
Under the non-binding agreement Newcrest can earn a 60.78 per cent interest in the joint venture by spending $6 million over five years, with a minimum commitment of $1 million over the first two years.
Newcrest says it will manage the joint venture and says both parties are still negotiating definitive agreements which are subject to approvals by Papua New Guinea authorities.
Newcrest Mining posted a profit of $602.3 million for the year to 30 June 2009.
