Greatland Gold PLC (LON:GGP) shares rose on Monday as the company said it has executed a series of agreements that will assist in the application process for a mining lease at the Havieron project in Western Australia.
The AIM-listed firm said its farm-in partner at the project, Newcrest Mining Limited (ASX:NCM), has signed an indigenous land use agreement (ILUA) with the Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu), the prescribed body corporate for the Martu People of the Central Western Desert region in Western Australia, to establish a framework between the parties in regards to any future development activities at Havieron, including mine construction and operation.
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Greatland also said that it will transfer a 40% legal interest in the registered title to E45/4701 to Newcrest in order to lodge a mining lease application covering the Joint Venture Area (JV area) at Havieron, a 12 block area within E45/4701.
The company said there was no change to the beneficial interests in the JV area, which remain 40% for Newcrest and 60% for Greatland.
Following the grant of the lease, the firm said Newcrest will transfer its legal interest to Greatland such that it re-establishes its 100% legal interest in the title to E45/4701.
"The agreements announced today represent another important step forward for the Havieron project and will assist in the process for a Mining Lease application, which is expected to be lodged within the next couple of months”, Greatland’s chief executive Gervaise Heddle said in a statement.
"Greatland looks forward to further strengthening its relationship with WDLAC and the Martu People of the Central Western Desert region, both as a Joint Venture participant and through our own exploration activities in the Paterson region", he added.
Shares in Greatland were 7.6% higher at 12.2p in mid-morning trading.