Credit: Shutterstock photoNewcrest Mining (NM.TO) today reported that a Land and Environment Court judgment of May 17, 2013 allows Newcrest's Exploration Licence ( EL ) 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 application.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
