By Michael Susin

Greatland Gold PLC shares rose on Tuesday after it said its joint venture partner in the Havieron copper-gold project in Australia, Newcrest Mining Ltd., asked to exercise its option of an additional 5% stake in the Havieron joint venture in mid-February 2022.

Shares at 1116 GMT were up 1.4 pence, or 11%, at 14.10 pence.

The gold-copper mining company said that the price will be a fair market value and hasn't yet been determined. When the price is agreed, the proceeds will first be used to repay the outstanding balance under the Newcrest loan facility, Greatland added.

Newcrest also has the conditional right to an additional 10% joint venture stake, which would bring its participation up to 70%. Newcrest would have a 75% stake if both options are exercised, it said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

December 21, 2021 06:43 ET (11:43 GMT)

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