(Alliance News) -Â Newcrest Mining Ltd on Tuesday said the Havieron project in Western Australia, which it owns in joint venture with Greatland Gold PLC, has received regulatory and funding approval.
The Newcrest board has approved AUD146 million, equivalent to around USD112 million, for the construction of the box cut, exploration decline and associated surface infrastructure at Havieron.
The funding approval follows receipt of the regulatory approvals needed to commence these construction activities.
Newcrest Managing Director & Chief Executive Officer 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."
Shares in Newcrest Mining closed down 0.7% at AUD26.13 in Sydney on Tuesday.
By Lucy Heming;Â email@example.com
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