Newcrest’s Havieron gets regulatory, funding approval

Newcrest Mining’s (ASX, TSX, PNGX: NCM) board of directors has approved a construction spend of A$146 million (about $112m) for the Havieron gold-copper project in Western Australia, which it owns in joint venture with Greatland Gold (LON: GGP). This funding approval follows receipt of the necessary regulatory approvals to start construction activities.

Greatland Gold published last month a maiden mineral resource. The report shows the asset potentially holds 4.2 million ounces of extractable gold, with initial inferred resource estimated at 3.4 million ounces of the precious metal. The bulk is located on the South East Crescent and adjacent Breccia and includes a portion of the Northern Breccia, Greatland said.

The early works program includes construction of a box cut, exploration decline and supporting surface infrastructure, including evaporation ponds, explosives magazine, maintenance workshops, fuel facilities, and administration building and laydown area.

After an extensive drilling campaign conducted this year, the company also noted that the asset’s mineralization remains open within four other target regions: South East Crescent and Breccia Zone, North West Crescent, Northern Breccia, and the Eastern Breccia.

Work is ongoing to finalize the water management plan for the early works program, as well as to progress further approvals and permits that will be required for any underground mine development and associated infrastructure at the Havieron project.

“We continue our journey towards potentially achieving commercial production from the Havieron project within three years,” Newcrest CEO Sandeep Biswas said in a media statement.

“Mineralization remains open in multiple directions outside of Havieron’s initial inferred mineral resource estimate and, with infrastructure in place at our nearby Telfer mine, we are excited about this growth project,” Biswas added.