Hall Creek force majeure lifted, Pacific Niugini ups stake to 65%
PERTH (miningweekly.com) – Junior gold miner Pacific Niugini has lifted a force majeure at the Halls Creek gold joint venture (JV), in Western Australia, while also taking a bigger piece of the pie.
During September this year, Pacific Niugini declared a force majeure at Halls Creek, relating to government approvals process timelines extending beyond those originally provided by the Department of Minerals and Petroleum.
The ASX-listed company said at the time that said it was awaiting feedback and approvals from the department for its mining proposal for the Halls Creek gold project, following lodgment earlier in August.
Pacific Niugini said this week that the JV had now received limited feedback from the state government, requesting clarification on certain information in the mining proposal, and that approvals were now advancing satisfactorily.
JV partner Bulletin Resources has expressed its relief that the force majeure notice had been withdrawn.
Meanwhile, Pacific Niugini this week also announced that it had completed its first A$1.2-million spend under the Halls Creek JV some six months ahead of schedule, and had taken a 65% ownership in the project, leaving Bulletin with the remaining 35%.
The junior had 18 months to spend a further A$1.2-million to reach an 80% shareholding in the project.
The company told shareholders that it was currently in discussions with multiple financial institutions and was planning to debt fund a large portion of the mine construction.
The Halls Creek project consists of the Lamboo and Golden Crown prospects, and has a Joint Ore Reserves Committee-compliant resource of 1.76-million tonnes, grading 5.2 g/t gold for 294 000 oz.
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