Net Smelter Return with Niuminco
TPJ and Newmont are jointly exiting the Morobe joint venture in Papua New Guinea. TPJ has held a 25% carried interest and Newmont a 75% interest in the project, which was located in a district in west central Papua New Guinea.
TPJ has disposed of Exploration Licence EL 1365 (which is over 143 square kilometres) to a subsidiary of Niuminco Group Ltd for a consideration of a 3% Net Smelter Royalty, payable on any production from the tenement. The transaction is conditional upon registration of the transfer by the PNG Mineral Resources Authority and approval by the Minister for Mining.
TPJ and Newmont are exiting all the other licences in the area.