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Newcrest Mining (OTCPK:NCMGF) and three way partnership accomplice Concord Gold (NYSE:HMY) stated Thursday they signed a framework settlement with the Papua New Guinea authorities that sets key terms for development of the Wafi-Golpu copper and gold challenge.
The phrases embrace the PNG authorities’s stake within the challenge, royalty and tax charges, allowing “as rapidly as practicable,” and commitments by the JV to spend money on native infrastructure and social growth tasks, however additional particulars weren’t supplied.
“The dedication of Prime Minister Marape, his authorities and the Morobe provincial governor to this MoU provides us the boldness that allowing will progress constructively and in a well timed method to the grant” of a particular mining lease, Newcrest (OTCPK:NCMGF) interim CEO Sherry Duhe stated.
Final month, Barrick Gold signed an settlement with the PNG authorities to maneuver towards the resumption of operations at the Porgera gold mine, which have been suspended for three years.
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