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NCM - Newcrest Mining News Story

A$25.64 0.0  0.1%

Last Trade - 7:10am

Sector
Basic Materials
Size
Large Cap
Market Cap £9.82bn
Enterprise Value £10.97bn
Revenue £3.08bn
Position in Universe 22nd / 1835

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

Tue 11th February, 2020 4:12am
(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.  urn:newsml:reuters.com:*:nL3N2640N6
    The government then withdrew support for the memorandum of
understanding in January due to delays caused by legal
proceedings.  urn:newsml:reuters.com:*:nL4N29Y49E
    Newcrest 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. 

 (Reporting by Niyati Shetty in Bengaluru; Editing by
Muralikumar Anantharaman)
 ((Niyati.N.Shetty@thomsonreuters.com; +918061822793;))
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