Newcrest Mining (ASX:NCM) has entered into a fully-termed Joint Venture Agreement with Greatland Gold plc for the Havieron Project.
This project is located 45 kilometres east of its existing Telfer operation, and has agreed to provide Greatland Gold with a US$50 million loan to fund certain early works and growth drilling activities at the Project.
Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20 per cent joint venture interest, resulting in an overall joint venture interest of 60 per cent.
Additionally, Newcrest has entered into a Farm-in and Joint Venture Agreement with respect to Greatland Gold’s Black Hills and Paterson Range East exploration licences, through a new joint venture agreement with Greatland Gold called the Juri Joint Venture.
Shares in Newcrest Mining (ASX:NCM) are trading 1.3 per cent lower at $26.74.