Australia’s largest gold producer has signed an option and farm-in agreement with Toronto-listed Cornerstone Capital Resources over two early stage projects in Ecuador.
Newcrest Mining News
Roxgold believes the project has near-term development potential due to its Antenna deposit, which hosts an inferred resource of 5.8 million tonnes.
“The question becomes now, will there be a domino effect?”
Newcrest Mining has upped its holdings in Ecuador-focused explorer SolGold to 15.33% from 13.83%, nudging further ahead of the company's second biggest shareholder BHP.
The Australian major has signed option and farm-in agreements for Cornerstone Capital Resources’ Miocene and Mirasol Mining's Gorbea properties, all of them in northern Chile.
Total, the 4th largest international Oil and Gas company has been awarded a 4-year contract with Newcrest’s Lihir Gold Mine in Papua New-Guinea (PNG), following a competitive tender process that began last November.
BHP will gain access to SolGold's Cascabel project, in northern Ecuador, believed to have the potential to become one of the largest copper-gold assets ever discovered.
“A contributor to this performance in 2018 has been the underperformance of the royalty companies, which the fund has some exposure to."
But according to the updated feasibility study total capital expenditure for the life of Wafi-Golpu mine will fall by about the same amount to $5.5 billion.
INTERACTIVE MAP: Together reserves at the global top 10 copper mining projects are worth more than $360 billion.