Greatland Gold, Newcrest Mining Extend Collaboration in Australian Gold Projects
November 30 2020 - 4:50AM
Dow Jones News
By Jaime Llinares Taboada
Greatland Gold PLC said Monday that it has signed two new
joint-venture agreements with Newcrest Mining Ltd. to develop its
gold and copper projects in Australia.
The London-listed gold miner said new agreements for the
Havieron gold-copper project--where ASX-listed Newcrest is entitled
to earn up to a 70% interest upon $65 million expenditure--provide
a framework to facilitate the expansion of exploration activities
and accelerate early works. In addition, Newcrest has agreed to
provide Greatland with a $50 million loan for the latter to fund
its share of joint venture exploration costs.
Meanwhile, Greatland and Newcrest have formed a separate joint
venture to accelerate exploration at Greatland's Black Hills and
Paterson Range East gold licenses in Australia. Newcrest has
received a 25% interest in the licenses, and can earn up to a 75%
stake by spending up to 20 million Australian dollars ($14.8
million).
Shares in Greatland at 0901 GMT were up 6.5% at 26.35 pence.
Shares in Newcrest were down 0.6% at AUD26.93.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 30, 2020 04:35 ET (09:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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