Newcrest Mining has approved a A$146m ($112m) investment for key early works at the Havieron Project in Western Australia.
The investment will be used to fund the construction of the box cut, exploration decline and associated surface infrastructure at the project.
The move comes after the company secured necessary regulatory approvals to start early works at the site.
The company is currently finalising the water management plan for the early works programme at Havieron.
It is also working to secure additional approvals that will be required to advance with the development of underground mine operation and associated infrastructure at the site.
Newcrest managing director and CEO Sandeep Biswas said: “We continue our journey towards potentially achieving commercial production from the Havieron Project within three years from the commencement of the box cut and exploration decline.
“Mineralisation remains open in multiple directions outside of Havieron’s initial Inferred Mineral Resource estimate and, with infrastructure in place at our nearby Telfer mine, we are excited about this growth project.”
Newcrest owns and operates the Havieron Project through a joint venture with Greatland Gold.
Recently, the company published that the Havieron project has an inferred mineral resources estimate of 52Mt at 2g/t gold and 0.31% copper for 3.4Moz of gold and 160,000t of copper.
The two companies also entered a loan agreement recently to provide Greatland Gold with access to loan facilities of up to $50m.
The amount will be used to fund Greatland Gold’s share of expenditure in the early works programme and growth drilling activities.
Last year, Newcrest Mining approved the second-stage expansion of Cadia gold mine and Lihir mine’s front-end recovery project.