(Updates with detail on agreement)
April 6 (Reuters) - Newcrest Mining Ltd and
South Africa's Harmony Gold Mining Co Ltd have agreed
with Papua New Guinea on the terms of a contract to start
developing their joint project in the Pacific island nation, the
Australian miner said Thursday.
The framework agreement sets out the key terms to be
included in the mining development contract, a prerequisite for
a special mining lease for the Wafi-Golpu copper-gold project,
which is equally owned by Newcrest and Harmony.
The terms include the Papua New Guinea government's stake in
the project, conditions for investments, commitments for the JV
to invest in local infrastructure and social development
projects and ensuring speedy progress towards approval.
"This MOU is a pivotal milestone towards the development of
one of the world's premier undeveloped copper-gold deposits,"
Newcrest interim Chief Executive Officer Sherry Duhe said in a
statement.
Late last month, Canada's Barrick Gold Corp signed
an agreement with the Papua New Guinea government to progress
with the resumption of operations at the Porgera gold mine,
suspended since April 2020.
(Reporting by Sameer Manekar in Bengaluru; Editing by Savio
D'Souza)
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