Newcrest Mining (ASX:NCM) and its Wafi-Golpu Joint Venture partner, Harmony Gold Mining have signed a MOU with the independent state of Papua New Guinea.
The agreement establishes the framework for the parties to progress the permitting of the project as quickly as possible in accordance with regulatory processes.
Newcrest says the MOU re-affirms the intention of the parties to complete the permitting process and achieve a grant of special mining lease by 30 June 2019.
The mining company says as a result of the agreement the joint venture is completing approval processes to commence a substantial work program.
Shares in Newcrest Mining (ASX:NCM) closed 1.08 per cent lower to $21.07 yesterday.