Newcrest Mining Ltd
(ASX:NCM) has received the Indonesian government’s green light to progress with its joint venture with Sumatra Copper & Gold.
Australia's largest gold miner has to date subscribed the minimum spend commitment of $1.75 million in Sumatra Copper & Gold’s Tandai gold exploration project.
If Newcrest invests up $12 million it can secure a 70 per cent interest in the project.
The project is located on the island of Sumatra in Indonesia and drilling is scheduled to start in April 2011.
Newcrest Mining more than doubled its first half earning, reporting a net profit of $466 million in the six months to 31 December 2010.
