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Newcrest approves early works funding for Havieron Project

Published by , Editor
Global Mining Review,

Greatland Gold plc, a precious and base metals exploration and development company, has noted the release of an ASX announcement titled ‘Havieron Project receives regulatory and funding approval’ by Newcrest Mining Ltd, which highlights that the Newcrest Board has approved AUS$146 million (~US$112 million), on a 100% basis, for the construction of the box cut, exploration decline and associated surface infrastructure at the Havieron Project in Western Australia, which it owns in joint venture with Greatland. This funding approval by the Newcrest Board follows receipt of the necessary regulatory approvals to commence these construction activities (as announced on 29 December 2020).

As announced on 30 November 2020, Greatland, and its joint venture partner Newcrest, entered into a loan agreement which will provide Greatland with access to loan facilities totalling US$50 million. This loan agreement will be used to fund Greatland’s share of early works and growth drilling activities up to the completion of a pre-feasibility study and, thereafter, its joint venture expenditure requirements towards the completion of a feasibility study. Newcrest expects to complete a pre-feasibility study for the project by late calendar year 2021.

Work is ongoing to finalise the water management plan for the early works programme and to progress further approvals and permits which will be required to commence development of any operating underground mine and associated infrastructure at the Havieron Project. In addition, the development of any underground mine at the Havieron Project will also be subject to further studies, Board approvals and a positive decision to mine.

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Australian mining news Newmont mining news Gold mining news