Newcrest Mining Limited’s wholly owned subsidiary Lihir Gold Limited has completed the signing of new compensation, relocation and benefits sharing agreements with the mining lease area landholders at its Lihir gold mine in New Ireland Province, Papua New Guinea .The comprehensive review of the previous agreements conducted over several years was sanctioned by the National Governments Mineral Resource Authority …
Newcrest Mining Limited's (ASX: NCM) (TSX: NCM) (PNGX: NCM) wholly owned subsidiary Lihir Gold Limited (“LGL") has completed the signing of new compensation, relocation and benefits sharing agreements with the mining lease area landholders at its Lihir gold mine in New Ireland Province, Papua New Guinea (“PNG").
The comprehensive review of the previous agreements conducted over several years was sanctioned by the National Governments Mineral Resource Authority and identified a range of key improvements to previous agreements.
The new agreements enhance socio-economic development outcomes for landholders and enable benefits to be distributed directly to their intended beneficiaries. The agreements enable efficient and transparent distribution of compensation and benefits, without a material increase in quantum.
The agreements are structured to provide a direct and transparent relationship between LGL and landholders and are valid for the term of Lihir's Special Mining Lease.
Newcrest Chief Operating Officer for PNG, Craig Jones, said “These agreements build on the strong relationships developed with the mining lease area landholders over recent years and provides transparency of compensation, relocation and benefits sharing and clear accountability for the development agenda for Lihir Island."
13 Tenement and Relocation Team Leader, Newman Sana, said “The signing of the Compensation and Relocation Agreements marks the dawn of a new era on Lihir. One of inclusiveness, empowerment and transparency for dealings with the landholders. This is the first time that landholders have been supported to deal directly with the Developer, LGL, culminating in the signing of the agreements. The future is now bright for Lihirians."
Authorised by the Newcrest Disclosure Committee
For further information please contact
+61 3 9522 5570
+61 450 541 389
+61 3 9522 5334
+61 407 269 478
North American Investor Enquiries
+1 866 396 0242
+61 403 435 222
+61 3 9522 5570
+61 450 541 389
+61 3 9522 5750
+61 409 869 986
This information is available on our website at www.newcrest.com
Forward Looking Statements
This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as “may", “will", “expect", “intend", “plan", “estimate", “anticipate", “believe", “continue", “objectives", “targets", “outlook" and “guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. Newcrest continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Newcrest's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Newcrest operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on Newcrest's results and performance, please see the risk factors included in the Annual Information Form dated 13 October 2020 lodged with ASX and SEDAR.
Forward looking statements are based on Newcrest's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest's business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70801
News Provided by Newsfile via QuoteMedia