NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

UPDATE 1-Australia's Newcrest says PNG gold project back on track as stay lifted

Published 11/02/2020, 03:12 pm
Updated 11/02/2020, 03:14 pm
© Reuters.  UPDATE 1-Australia's Newcrest says PNG gold project back on track as stay lifted
NCM
-
HG
-
AXGD
-
HARJ
-

(Adds Newcrest comments from statement, share move)

Feb 11 (Reuters) - Australia's Newcrest Mining Ltd NCM.AX said on Tuesday Papua New Guinea's national court dismissed a stay order on work relating to the Wafi-Golpu gold-copper project, paving the way for talks to resume on it with the Pacific country's government.

The deal by Wafi-Golpu co-owners Newcrest Mining and South Africa's Harmony Gold HARJ.J hit a bump when the Papua New Guinea government said in September it wanted to keep 40% of gold produced from the project. government then withdrew support for the memorandum of understanding in January due to delays caused by legal proceedings. shares have fallen more than 20% since September. They rose 0.6% on Tuesday, compared to a marginally lower Australian gold shares index .AXGD .

The miners had been hoping to secure a mining lease over the major gold and copper deposit early last year, before a change in PNG's leadership and a shift in minerals policy led to delays.

Newcrest and Harmony look forward to re-engaging with PNG and progressing on discussions about the special mining license, Australia's largest listed gold miner said in a statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.