MELBOURNE, Victoria, May 23, 2013 /CNW/ - Newcrest confirms that following a Land and Environment Court judgment of 17 May 2013, Newcrest's Exploration Licence (EL) 3856 in the Cadia district of NSW continues to have full effect and remains 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. This follows a finding by the Court 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. (Note that 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.
Newcrest's Cadia operations are not impacted by any aspect of the Court's decision.
GCR has brought five separate legal actions against Newcrest, two of which have now been determined. In April 2013, the Supreme Court of NSW dismissed a compensation claim against Newcrest by GCR in respect of the same renewal of EL 3856. The three other claims brought by GCR are still to be heard. Newcrest considers all of the actions are without merit and will continue to vigorously defend them.
- Commodity Markets
- Stocks & Offerings