The agreement provides for total payments of $5 million by Perpetua over a four-year period.

Newmont is widely expected by sector executives to sell the two Newcrest-operated mines in Western Australia.

"The problem is that, in the gold industry, most of the tier one assets remaining are embedded in bad assets. And you can’t unlock them,” Bristow says.

The 2023 feasibility study predicts an average annual gold production of 207,000 oz. in each of the first five years and 176,000 oz. per year over the initial 10 years of operation.

The company says it plans to reset mining practices and upgrade the site logistics network.

A draft of the code proposed changes that could boost state and private Malian interests in new projects to 35%, from up a current 20%.

The company also maintained its full-year production outlook for gold and copper.