Greatland Gold and Newcrest have signed new deals related to the promising Havieron development as well as a a new joint exploration venture.
The new Havieron joint venture agreement is designed to increase the speed of initial and expanded works at Havieron. The funding agreement is based on post-farm-in period interests that are aligned 70% Newcrest and 30% Greatland. The agreement provides a loan facility of $50m from Newcrest to Greatland.
Secondly, Greatland gold announced a new joint venture agreement to also increase the speed of acceleration at Greatland’s Black Hills and Paterson Range East Licences. The Juri joint venture will will see Newcrest immedately earn 25% in both licences.
The Scallywag and Rudall licences do not form part of the joint venture, with Greatland retaining 100%.
As Greatland noted key upcoming milestones including a new camp at Havieron to accommodate 230 people and Juri JV exploration activities to commence in early 2021, CEO Gervaise Heddle was evidently feeling optimistic:
“These new agreements with Newcrest represent a landmark moment for Greatland Gold, both in structuring the next stage in Havieron’s development and progressing our exploration efforts across the Paterson region.
“The transformation of Greatland over the past few years has been remarkable and we are now in the strongest position we have ever been to capitalise upon our recent success. We remain committed to building shareholder value and, with these key agreements now in place, we look forward to continuing this exciting journey.”