Under the agreement, Newcrest can earn up to a 70% interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones across a four-stage farm-in, over a six year period that commenced in May 2019.
Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value. The farm-in agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program and Feasibility Study, the resulting joint venture ore will be processed at Telfer.
Telfer is the largest processing facility in the Paterson Province and has sufficient capacity and capability to process other discoveries in this region. Newcrest believes that the Paterson Province presents significant additional opportunities for Telfer in the future.
In November 2020, Newcrest announced that it had entered into a fully-termed Joint Venture Agreement with Greatland Gold which provides a formal framework between the two parties beyond the existing Farm-In Agreement.
Newcrest has now met the Stage 3 expenditure requirements (US$45 million) and is entitled to earn an additional 20% joint venture interest, resulting in an overall joint venture interest of 60%.
In December 2020, Newcrest announced an initial Inferred Mineral Resource Estimate for the Havieron Project of 3.4Moz of gold and 160kt of copper.
Outside of the estimated Inferred Mineral Resource, mineralisation remains open with results indicating the possibility that the resource could grow over time with additional planned drilling activity.
Newcrest has also received the necessary regulatory approvals to commence key early works activities at the Havieron Project. The early works program includes construction of a box cut, exploration decline and supporting surface infrastructure. The commencement of these activities advances the potential of realising commercial production from the Project within the next three years.
Newcrest is expected to release the results of its Pre-Feasibility Study for the Project by late calendar year 2021.
 The Inferred Mineral Resource estimate is presented on a 100% basis. As announced on 30 November 2020, Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest, resulting in an overall joint venture interest of 60% (Greatland Gold 40%).