The Niuminco group of companies holds Mining Leases at Edie Creek in Papua New Guinea. These Leases are located in the well-known Morobe Mining Province some 5 kilometres from the Newcrest Mining Limited/Harmony Gold Mining Co. Ltd Hidden Valley mine.
In addition Niuminco holds the following Exploration Licences
EL 1438 Bolobip
EL 1441 May River.
On 23 May, 2011 the Company and its subsidiaries entered into Farmin and Joint Venture Agreements with Mincor Resources NL.
Under the Edie Creek Agreement Mincor had the right to earn up to a 51% interest in the Mining Leases. Mincor, having spent $5.0 million on exploration as at 28 March 2013 at Edie Creek, elected to surrender its rights to earn any further J.V. interest under the Edie Creek J.V. Agreement and its interest will remain at 17% subject to future dilution. Niuminco has taken over as Manager of the Edie Creek J.V. from this date.
On 22 October 2013, Niuminco reached an agreement with Mincor for the termination of the May River and Bolobip J.V. Agreements. The 36% interest in each area that Mincor earned has been transferred back to Niuminco in return for a 5% net smelter royalty on all products extracted or sold from the tenements.
Niuminco therefore holds 83% of the Edie Creek project and 100% of the May River and Bolobip projects.
On 7 November 2013, Niuminco Group Limited's takeover bid for TNT Mines Limited closed with Niuminco having acquired a 72.5% interest in the company. TNT Mines Limited is an unlisted public company which holds a suite of tin, tungsten and fluorspar projects in well known mineral provinces in Tasmania, Australia. See the recent article on tin published in Eureka Report.