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.
