Newmont strikes exploration deal with Prodigy
PERTH (miningweekly.com) – The exploration arm of gold major Newmont Corporation has inked a farm-in and joint venture (JV) agreement with ASX-listed Prodigy Gold over its Monza project, in the Northern Territory.
Under the agreement, Newmont Exploration could earn an initial 51% interest in the project area by spending either A$6-million on exploration or defining a Joint Ore Reserves Committee-compliant inferred mineral resource.
The gold major could earn an additional 29% interest in the project if a decision to mine is taken.
Once the Phase 2 earn-in has been completed, Prodigy could elect Newmont to fund its share of future JV costs, allowing Newmont to increase its share in the project to 85%. At this point, Prodigy could either elect to exercise the financing option, co-fund all future exploration and development, or dilute its interest in the project and convert it to a 1% net smelter royalty.
“We are pleased to be partnering with Newmont to advance exploration at the Monza gold project, an area that we believe hosts significant exploration upside potential,” said Prodigy MD Matt Briggs.
“Prodigy Gold has established a good working relationship with Newmont through a current JV over the Tobruk gold project, so we are looking forward to combining our technical expertise to advance Monza.”
The Monza project includes over 3 000 km2 of exploration licenecs and applications in the Tanami region.
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