newcrest announcement

Just out, hot off the press.

Newcrest Mining Limited is pleased to announce that it has signed a Memorandum of Understanding with Nittetsu Mining Co. Ltd and Mitsubishi Materials Corporation (MMC) to establish a joint venture to explore for copper-gold in the Namosi region of Fiji. Nittetsu and MMC are substantial Japanese companies with strong records in copper smelting, refining and mining investment, and are expecting that the Namosi Property may become a major source of future copper concentrate supply for their smelters.
The Namosi tenement, which is located about 30 km west of Fiji’s capital city, Suva, has been periodically explored over the past 40 years. It remains a highly prospective, large copper-gold porphyry mineralised system, to which Newcrest’s deep drilling and exploration expertise will be applied.
Initial joint venture interests will be Nittetsu 71.94% and MMC 28.06%. Newcrest has been invited to earn a 65% interest in the joint venture over a 4 to 5.5 year period by funding exploration. During that period, and after it has earned its interest, Newcrest will be the manager of the joint venture exploration activities in cooperation with Nittetsu and MMC.
If a mine is successfully developed by the joint venture, each participant will have a right to the physical off-take of its participating share of concentrates. Upon Newcrest completing its earn-in, Nittetsu will have a right to purchase up to 44,000 tonnes per annum of concentrate (up to a maximum of 20% of the total joint venture production) from Newcrest on commercial terms.


Are gmr not 30k the other direction? Buying gmr at these prices for the same chances newcrest have is ridiculous. Gmr should be at least triple in price, I say.

Very encouraging newcrest see such potential on the same ground. Yippeeee.



DYOR