Freeport Indonesia to process 400,000t of copper concentrate at new smelter
Earlier this month, Freeport obtained an export permit for the rest of the year from the government.
Australia’s largest gold producer, Newcrest Mining (ASX: NCM), has unveiled what it is calling “excellent” drill results from Greatland Gold’s (LON:GGP) Havieron gold-copper project, in the Paterson region of Western Australia.
Drilling work at the asset, kicked off in May, is being carried out and fully funded by Newcrest as part of a joint venture it signed with the London-based miner in March. That farm-in deal gives the Aussie gold producer the option to acquire 70% of the project.
To become the majority owner, Newcrest would have to invest $65 million on exploration and development over five years. This would be on top of the A$5 million it has already committed for the 2019-2020 year.
Newcrest is now preparing for a larger, second phase of the drilling program at the gold project, which is located only 45km west of its own Telfer mine.
The results posted on Tuesday extend Havieron’s mineralization by a further 100 metres to the north and showed high grades of up to 7.9 grams per tonne across a 43 metre intersection. While being “highly encouraging”, the company noted the project was still in the early stages.
The gold major is now preparing for a larger, second phase of the drilling program at the gold project, which is located 45km west of its own Telfer mine.
Newcrest, which is also the world’s No. 3 gold producer by market value, has been aggressively searching for juniors with appealing assets to jointly develop them.
In March, it acquired a 70% stake in Canada’s Red Chris copper and gold mine from Imperial Metals (TSX: III). The very next day, it set up the Havieron JV with Greatland Gold (LON:GGP).
The Paterson region hosts several large gold and/or copper deposits such as Nifty, Winu and Newcrest’s Telfer. The world’s second-largest mining company, Rio Tinto (ASX, LON:RIO), is very invested in the area as well.
Its recent application for nearly 30 exploration licenses has sparked a stampede into adjacent lots by other explorers, who see the miner’s aggressive activity as an indicator of a highly promising find.
