Newcrest inks deal on Manus venture

Business, Main Stories
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By PATRICKTALU

THE Newcrest Mining Ltd (Newcrest), operator of Lihir Gold Mine, has signed an agreement which includes the possibility of taking a majority interest in an exploration joint venture in Papua New Guinea, according to TradingMarket.com last week.
The gold miner has signed a heads of agreement with PNG and Vietnam-focused gold explorer Triple Plate Junction Plc in which Australia’s biggest gold miner could earn a majority interest in the Manus Island joint venture.
Newcrest would be able to earn a 60.78 % interest in the joint venture by spending A$6 million (K15.6 million) over five years, with a minimum commitment of A$1 million over the first two year, the Melbourne-based miner said in a statement last Thursday.
Newcrest will manage the joint venture, based on a 674sqkm tenement on Manus Island.
The current joint venture participants are Triple Plate, with 76%; Golden Success Ltd, 10.6 %; and Pacrim Energy Ltd, 13.4 %.
The parties are  negotiating definitive agreements, subject to required approvals by PNG authorities.
Meanwhile, Newcrest has indicated to terminate Lihir Gold Ltd (LGL) security and exchange commission (SEC) registration and instead would maintain Newcrest level 1 ADR programme.
ADR refers toAmerican depository receipt (ADR).
Following completion of the merger with Lihir Gold on Sept 13, Newcrest automatically succeeded to LGL’s registration under section 12(g) and its reporting obligations under section 15(d) of the US Securities Exchange Act of 1934.
Newcrest will shortly file an application with the US securities and exchange commission to terminate these US registration and reporting obligations.
Termination of these obligations will not affect Newcrest’s level 1 ADR programme in the US, which will continue to be available as before, for the benefit of US investors.
Newcrest is listed on the ASX and the Port Moresby Stock Ex-change.