30 Sep 2010

Newcrest expects leading stake in gold mining venture on PNG's Manus

1:11 pm on 30 September 2010

Top Australian gold producer Newcrest Mining says it expects to hold a 60 percent stake in the Manus island gold mining joint venture in Papua New Guinea.

The Reuters agency reports that this follows a preliminary agreement with the other partners including local entity Terenure Limited which is a subsidiary of Asia-based Triple Plate Junction.

Newcrest says it will need to spend almost US$6 million over 5 years to earn the stake and that the investment fits its strategy to buy into prospects in early stages in the Asia-Pacific region.