Australia’s largest gold producer Newcrest Mining (TSX: NCM; ASX: NCM) has signed a joint venture (JV) deal with Greatland Gold (LSE: GGP) to continue advancing the Havieron gold-copper project in the Paterson region of Western Australia.
The new agreement builds on the US$65-million farm-in alliance the companies established last year, which has given Newcrest a 40% interest in the U.K.-based miner’s project so far.
The gold giant, who is the joint-venture manager, is now entitled to earn an additional 20% in Havieron, but has the ability to grab up to a 70% of the project.
As part of the deal, Newcrest has agreed to loan US$50 million to its partner to fund early works and drilling at the Havieron project, located 45 km east of the company’s Telfer gold-copper mine, and 500 km east of rail and port infrastructure at Port Hedland.
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