Allens has advised Newcrest Mining on the sale of its 50 per cent stake in the Hidden Valley joint venture to a wholly owned subsidiary of Harmony Gold Mining Company Limited.
Newcrest has also signed an agreement with Harmony to sell its 50 per cent interest in a number of nearby regional exploration tenements.
'We are delighted to have worked with Australia's largest listed gold producer on this deal,' said lead partner Igor Bogdanich.
'The sale of Hidden Valley will allow Newcrest to focus attention on its other assets, and we look forward to working with them as they continue to grow and innovate.'
The deal will see Harmony become the 100 per cent owner of the Hidden Valley open pit gold and silver mine, located in Papua New Guinea.
Allens legal team
Igor Bogdanich (Partner), Ted Hill (Partner), Daniel Knight (Managing Associate), Holly Woodcroft (Lawyer)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.