Newcrest and Randgold have entered an agreement to create an exploration joint venture in the south east of Cote d’Ivoire in West Africa.
Under the agreement Randgold will manage the exploration program and operate any mines that are developed, with a technical committee of senior geologists from both companies working under a joint venture board.
Newcrest chief development officer Michael Nossal said the joint venture will “unlock the mineral potential” of an underexplored area in the country.
“Randgold have proven their ability to successfully explore and operate in Africa over many years,” he said.
“Combining this with our own experienced West African exploration team…will provide a strong competitive edge in what we consider to be a prospective part of the country.”
Newcrest recently entered a strategic alliance with PT ANTAM for copper and gold exploration in Indonesia.