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 email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires