Newmont lifts Morobe presence

EXPLORER Triple Plate Junction has transferred an additional 5% interest of its Morobe gold project in Papua New Guinea to joint venture partner Newmont Mining Corporation in exchange for being free carried until production.
Newmont lifts Morobe presence Newmont lifts Morobe presence Newmont lifts Morobe presence Newmont lifts Morobe presence Newmont lifts Morobe presence

Subsidiary Newmont Ventures earned a 70% stake in the project by mid-November but the recent deal with TPJ boosts it to 75%.

"TPJ will be carried by means of loan financing from Newmont without any further contribution required by TPJ until production commences," the London-listed explorer said.

The Morobe JV (Newmont 75%, TPJ 25%) - not to be confused with the Morobe Mining Joint Ventures company in the region, which is half-owned by Newcrest Gold and Harmony Gold - covers 3761sq.km over various exploration licences around Wau in Morobe province.

Drilling at the Gumots prospect is scheduled for this quarter.

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