Newcrest Seeks Stake in Queensland Mine

Australian mining company Newcrest is to spend A$10m to earn a 60 percent stake in a Queensland gold project, a joint venture project between SmartTrans Holdings and Australia Oriental Minerals.

Under the agreement, Newcrest will commit to spending A$10m over five years for work on three tenements of the Mount Mackenzie gold project, writes the Western Australian newspaper.

The Mount Mackenzie gold project is currently 60 percent owned by SmartTrans, with its stake to reduce to 24 percent if the deal goes ahead.

By staff writer