Australia-based Newcrest Mining has reached an agreement with gold ore mining company ABM Resources to jointly advance the exploration of the Euro project in the Tanami region of Australia’s Northern Territory.

Both parties are set to explore ABM’s various licence areas and tenement applications at the Euro project as part of the arrangement.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The companies are now scheduled to hold talks on finalising a binding farm-in and joint venture (JV) agreement within two months of the latest deal’s signing date.

"Newcrest’s entry into the Tanami Region of the Northern Territory supports our belief this area will yield Australia’s next major gold discoveries."

The new agreement requires Newcrest to fund up to A$12m ($8.95m) over a period of seven years to eventually earn an interest of up to 75% in the project, which comprises key targets along strike or parallel to the Trans-Tanami Trend.

ABM Resources managing director Matt Briggs said: “Newcrest’s entry into the Tanami Region of the Northern Territory supports our belief this area will yield Australia’s next major gold discoveries.

“Combining our technical skills to direct a major new exploration programme will help accelerate discovery in the region.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Newcrest will be required to incur an expenditure of A$6m towards exploration costs during the first phase of development in order to earn a 51% interest in the project.

Thereafter, the company can choose to proceed to further increase its stake to 75% by funding an additional A$6m ($4.48m) to meet the exploration costs within three years from electing to begin the second stage of earn-in.

Alternatively, Newcrest will be permitted to withdraw from the earn-in after spending at least A$2m ($1.49m) during the Stage 1.