TRIPLE Plate Junction, the gold exploration company, has signed a joint venture deal with Newcrest Mining Ltd, the operator of Lihir Gold mine and joint operator of Hidden Valley mine, in relation to the Manus Island venture.
TPJ now has joint venture with three of the world’s four largest gold miners.
The terms of the Newcrest joint venture are consistent with the previously executed heads of agreement announced on Sept 29.
TPJ said in a statement that through its wholly-owned PNG subsidiary Terenure Ltd, it currently holds 75.98% participating interest in the tenements in joint venture with Pacrim Energy Ltd (13.43%) and Golden Success Ltd (10.59%).
Under the agreement, Newcrest may earn 80% of TPJ’a participating interest leaving TJP with an interest of 15% by funding A$6 million (K15 million) of the project expenditure over the next five years.