Newcrest signs landmark agreements
NEWCREST Mining is ramping up its activities overseas after entering non-binding agreements with exploration juniors in Chile and signing a memorandum of understanding (MOU) with its Wafi-Golpu joint venture partner Harmony Gold and the Independent State of Papua New Guinea.
The Wafi-Golpu MOU established the framework for the parties to progress the permitting of the Wafi-Golpu project as quickly as practicable and re-affirmed the intention to achieve grant of a special mining lease by 30 June 2019.
“We have been working constructively with the Government of Papua New Guinea to progress permitting of the project and recently achieved key milestones in this process with completion of our Feasibility Study Update in March 2018 and Environmental Impact Statement in June 2018,” Newcrest managing director and chief executive Sandeep Biswas said.
“Getting this work started will benefit Morobe Province, with a capital injection into the economy and improved access to remote parts of the Province.”
The company’s agreements in Chile included an option to farm-in on Mirasol Resources’ Gorbea high-sulfidation epithermal gold project; and Cornerstone Capital Resource’s epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt.
Mirasol chief executive Stephen Nano said the company was pleased to again be partnering with Newcrest to explore its prospective Mio-Pliocene belt projects for district scale gold deposits.
“Newcrest has allocated a combined $US7.3 million in separate agreements, for the exploration of Mirasol’s Gorbea and Altazor projects over the next 12 to 18 months.”
Cornerstone Captial Resources chief executive Brooke Macdonald was also enthusiastic to be working with Newcrest.
“Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Indonesia, and we are pleased to have entered into this agreement with them,” Ms Macdonald said.
“Newcrest is also actively exploring in Ecuador, where Cornerstone has a first mover advantage as a prospect generator in Ecuador since 2005, and several drill-ready properties available for option.”
The Wafi-Golpu Joint Venture in Papua New Guinea is expected to be granted a Special Mining Lease by mid-2019.