Last checked at 
(Sharecast News) - Greatland Gold updated the market on its Havieron joint venture on Tuesday, after its partner in the venture, Newcrest Mining, had chosen to start the process on its option to acquire an additional 5% interest in the venture from Greatland at "fair market value".
The AIM-traded firm said Newcrest had issued a notice to Greatland that it wanted to begin the process under the joint venture agreement to seek to agree the option exercise price in the period to mid-February.
Under the agreement, if the option exercise price could be agreed by that date, each party would be required to notify the other of its assessment of fair market value.
If both parties' assessments were within 10% of each other, the option exercise price would be the average of those assessments.
However, if both parties' assessments were not within 10% of each other, the parties would proceed to "independent expert determination", with the expert being required to determine which of the values nominated by the parties would be the fair market value.
"Following agreement or determination of the fair market value option exercise price, Newcrest has 30 business days to exercise its option to acquire the additional 5% interest," Greatland Gold said in its statement.
"Proceeds from the exercise will first be used to repay the outstanding balance under the existing Newcrest loan facility."
As it outlined in previous announcements, Greatland said that following delivery of a pre-feasibility study and meeting the relevant expenditure commitment, Newcrest would be entitled to an additional 10% joint venture interest, resulting in a joint venture interest of 70% to Newcrest and 30% to Greatland.
"If the option referred to above is exercised, Newcrest will be entitled to an overall joint venture interest of 75%," the Greatland board added.
At 1556 GMT, shares in Greatland Gold were up 15.75% at 14.7p.
29 Nov 2022 15:56
UK shareholder meetings calendar - next 7 days
| Wednesday 30 November | |
| abrdn Asia Focus PLC | AGM |
| Atlantic Lithium Ltd | AGM |
| Chamberlin PLC | AGM |
| Coral Products PLC | GM re proposed cancellation of share premium account |
| Dunelm Group PLC | AGM |
| Europa Metals Ltd | AGM |
| Ferguson PLC | AGM |
| Gabelli Merger Plus+ Trust PLC | AGM |
| Grit Real Estate Income Group Ltd | AGM |
| Leeds Group PLC | AGM |
| Life Science REIT PLC | GM re issue of the new ordinary shares |
| MC Mining Ltd | AGM |
| Pires Investments PLC | AGM |
| Renishaw PLC | AGM |
| Thursday 1 December | |
| Aptamer Group PLC | AGM |
| Bowleven PLC | AGM |
| CQS New City High Yield Fund Ltd | AGM |
| essensys PLC | AGM |
| James Halstead PLC | AGM |
| Kin & Carta PLC | AGM |
| Transense Technologies PLC | AGM |
| Vast Resources PLC | AGM |
| Virgin Wines UK PLC | AGM |
| Friday 2 December | |
| De La Rue PLC | GM re company chairman resignation |
| Global Petroleum Ltd | AGM |
| Highbridge Tactical Credit Fund Ltd | AGM |
| Orosur Mining Inc | AGM |
| Revolution Bars Group PLC | AGM |
| Ruffer Investment Co Ltd | AGM |
| Schroder BSC Social Impact Trust PLC | AGM |
| SLF Realisation Fund Ltd | AGM |
| Monday 5 December | |
| Amur Minerals Corp | AGM |
| JPMorgan UK Smaller Cos Investment Trust PLC | AGM |
| Lift Global Ventures PLC | AGM |
| Schroder Japan Growth Fund PLC | AGM |
| Scottish Oriental Smaller Companies Trust PLC | AGM |
| VinaCapital Vietnam Opportunity Fund Ltd | AGM |
| Tuesday 6 December | |
| accesso Technology Group PLC | AGM |
| Gattaca PLC | AGM |
| Greatland Gold PLC | AGM |
| International Biotechnology Trust PLC | AGM |
| MyHealthChecked PLC | GM re proposed capital reduction |
| Target Healthcare REIT PLC | AGM |
| Copyright 2022 Alliance News Limited. All Rights Reserved. | |