Newcrest Mining (NM.TO) today reported that a Land and
Environment Court judgment of May 17, 2013 allows Newcrest's
Exploration Licence (
) 3856 in the Cadia district of NSW to have full effect and remain
in Newcrest's ownership. EL 3856 is an exploration tenement that is
separate from Newcrest's current Cadia Valley Operations.
The latest renewal of the term of EL 3856 is to be reconsidered
by the NSW Minister for Resources and Energy, Newcrest said.
This follows a court finding that there was insufficient
evidence on the Mines Department file to demonstrate that the
Minister's delegate had been satisfied that 'special circumstances'
existed to support a decision to renew the exploration licence for
its entire geographic area. (Unless 'special circumstances' apply
to a renewal, 50% of the area of an exploration licence must be
relinquished upon renewal.)
The Court orders require the Minister to reconsider and properly
record the reasons for arriving at the 'special circumstances'
decision. The Court confirmed that Newcrest's EL 3856 remains valid
pending the reconsideration of the 'special circumstances' renewal
The decision of the Court relates to a legal action brought by
Gold and Copper Resources Pty Limited (GCR) against the Minister
and Newcrest. In the same judgment, the Court dismissed claims by
GCR of false or misleading conduct on the part of Newcrest in the
renewal process, and also dismissed claims by GCR that a five year
renewal of the exploration licence could not be made.defend the
challenges to its mining claims brought by exploration company Gold
and Copper Resources Pty Limited (GCR).
GCR has now brought five separate legal actions against
Newcrest, which relate to Newcrest's Cadia Valley tenure and
activities. Newcrest noted last year that GCR has holdings of
exploration licences in the Cadia district, and is seeking to
expand those holdings.
The latest GCR claim sought to challenge the validity of two of
the mining leases held by Newcrest for its Cadia Valley operations,
which were granted in October 2000 and March 2001 respectively.
Newcrest's Cadia Valley assets have been in operation for 15
years. Newcrest is currently trading at $15.73.
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