Greatland Gold PLC (LON:GGP) has noted an announcement from its joint venture partner Newcrest Mining Ltd saying it has approved A$146mln (£82mln) in funding for the construction of the box cut, exploration decline and associated surface infrastructure at the Havieron project in Western Australia following the receipt of regulatory approvals in December.
The AIM-listed firm, which owns Havieron through its JV with Newcrest, also said that a US$50mln (£36.5mln) loan agreement announced on November 30, 2020, will be used to fund its share of early works and growth drilling activities up to the completion of a pre-feasibility study (PFS) and, thereafter, its joint venture expenditure requirements towards the completion of a feasibility study. The PFS is expected to be complete by late 2021.
READ: Greatland Gold clear to start early works on Havieron Project
Meanwhile, Greatland said that work is ongoing to finalise a water management plan for the early works programme and to progress further approvals and permits which will be required to begin development of any operating underground mine and associated infrastructure at Havieron, adding that any underground mine with also be subject to further studies, board approvals and a positive decision to mine.