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, a well-established and successful ASX listed miner, which the Company believes has the resources and personnel to carry out the exploration on our PNG assets in a measured fashion in order to realise their considerable potential.
Under the Edie Creek Agreement Mincor has the right to earn up to a 51% interest in the Mining Leases , the facilities at Edie Creek and the Lae warehouse by spending up to $15,000,000 over a five year period. In addition Mincor acts as Manager of the Edie Creek joint venture with sole discretion to undertake exploration and incur exploration expenditure.
Under a Second Farmin and Joint Venture Agreement with Niuminco(ND) Ltd, Mincor has the right to earn up to a 72% interest in separate “Second Joint Ventures” established for each of the Exploration Licences by spending $5,000,000 on each of EL 1438 and EL 1441 over an eight year period. In addition Mincor acts as Manager of the Second Joint Ventures with sole discretion to undertake exploration and incur exploration expenditure.
Niuminco Group Limited’s shares were re-listed on the Australian Securities Exchange on 30 August, 2011 with an ASX Code of “NIU”.