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(Alliance News) - Greatland Gold PLC on Wednesday announced Australian gold mining company Newcrest Mining Ltd has approved funding for early works at the Havieron project in Western Australia following regulatory and funding approval last month.
The London-based precious and base metals focused miner said the approval for the AUD146 million, about USD112 million, funding follows receipt of the regulatory approvals needed to commence the construction of the box cut, exploration decline and associated surface infrastructure at the Havieron project, which the two companies own in a joint venture.
Greatland Gold said the loan agreement it entered into with Newcrest back in November will provide it access to loan facilities of USD50 million and will be used to fund its share of early works and growth drilling activities up to the completion of a pre-feasibility study at the project, which Newcrest expects to complete by late 2021.
"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," the company said.
Shares in Greatland Gold were up 3.0% at 34.40 pence in London and shares in Newcrest closed up 3.2% at AUD26.96 in Sydney on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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