Greatland Gold To Retain Its 30% Interest In Havieron JV

(RTTNews) – Greatland Gold plc (GGP.L) said Newcrest Mining Ltd (NCMGF.PK, NCMGY.PK) has elected not to exercise the option under the Havieron JV agreement to acquire an additional 5% interest in the JV from Greatland at the price of $60 million. Greatland will retain 30% ownership of Havieron. The Group noted that this outcome concludes the Joint Venture process for Newcrest’s 5% option.

Shaun Day, Managing Director of Greatland Gold plc, said: “Greatland had previously offered Newcrest significantly higher value to acquire a 5% stake from Newcrest which, in the opinion of the directors, still presented a financially compelling outcome to Greatland shareholders. Accordingly, today’s outcome is tremendous, particularly in the context of the ongoing potential of Havieron.”

Greatland Gold noted that Newcrest has released an updated mineral resource for Havieron which is within 1% of the total gold metal content and within 3% total copper metal content of Greatland’s previously announced updated mineral resource.

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