Newcrest to become joint venture manager effective 1 July 2023
Greatland Gold plc (AIM: GGP) advises that the management of the Juri Joint Venture will transfer from Greatland to its joint venture partner, Newcrest Mining Limited (Newcrest), from 1 July 2023.
The Juri Joint Venture is an unincorporated joint venture between Greatland (49%) and Newcrest (51%) which was formed in November 2020 to accelerate exploration at the Paterson Range East and Black Hills exploration licences.
Greatland Managing Director, Shaun Day commented:
“Greatland and Newcrest are two of the largest landholders in the Paterson Province. We welcome Newcrest elevating its engagement and interest in the Juri Joint Venture property.
Our partnerships at Havieron and Juri are central to unlocking the full potential of the Paterson Province. Greatland strongly believes in the prospectivity of the Juri Joint Venture tenure and will continue to be an active participant following the upcoming management transition.
The shift of Juri Joint Venture management to Newcrest provides Greatland’s exploration team the opportunity to put greater focus on our 100%-owned portfolio of highly prospective tenure together with our responsibilities as the new manager of the farm-in and joint venture arrangement with Rio Tinto Exploration on the Paterson South Project.”
Under the terms of the farm-in and joint venture agreement which governs the Juri Joint Venture, Newcrest could elect to become the joint venture manager at any time following an initial period. Newcrest has now exercised its right to do so and will assume this responsibility from the beginning of the 2024 financial year. The transfer of management of the Juri Joint Venture to Newcrest does not affect any of Greatland’s other rights as a joint venture participant.
Greatland intends to continue as an active and supportive joint venture participant given the potential for the discovery of new intrusion-related gold-copper deposits similar to its world-class Havieron gold-copper deposit, Newcrest’s Telfer gold-copper mine and Rio Tinto’s Winu copper-gold deposit.
Greatland appreciates Newcrest assuming management of the Juri Joint Venture which will enable the Company to focus its exploration efforts on its broader portfolio of highly prospective tenure in parallel to supporting Juri Joint Venture activities.
