(Wallace Refiners) – Newcrest Mining (ASX, TSX, PNGX: NCM) announced today that its Board has approved A$146 million (~US$112 million) 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 Gold.
Newcrest said that this funding approval follows receipt of the necessary regulatory approvals to commence these construction activities.
The company added that work is ongoing to finalise the Water Management Plan for the early works program 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.
Managing Director and CEO Sandeep Biswas said, “We continue our journey towards potentially achieving commercial production from the Havieron project within three years from the commencement of the box cut and exploration decline. Mineralisation remains open in multiple directions outside of Havieron’s initial inferred mineral resource estimate and, with infrastructure in place at our nearby Telfer mine, we are excited about this growth project. Together with the support of our stakeholders, we hope to deliver significant value from the Havieron project and our other exploration prospects in the Paterson Province.”
The Havieron project is operated by Newcrest under a joint venture agreement with Greatland Gold. Newcrest recently released an initial inferred mineral resource estimate for the Havieron project of 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu, presented on a 100% basis.
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