The Newcrest Mining Limited (ASX: NCM) share price is trading higher in afternoon trade on Tuesday.
At the time of writing the gold miner’s shares are up 1% to $29.92.
Why is the Newcrest share price pushing higher?
There have been a couple of catalysts for Newcrest Mining’s share price rise on Tuesday.
The first is a rise in the gold price to a one-week high overnight. Concerns over the outbreak of the coronavirus and its potential impact on global economic growth have led to increasing demand for safe haven assets.
According to CNBC, the spot gold price was up 0.4% at one stage to US$1,576.44 per ounce.
Daniel Ghali, commodity strategist at TD Securities, advised: “The coronavirus fears continue to see safe-haven inflows heading into gold and that has been positive for prices.”
When the gold price hit that level, it meant the precious metal was up almost 4% since the start of the year. This follows an impressive 18% gain in 2019 following cuts to interest rates and trade war concerns.
Also giving its shares a lift this afternoon was positive news out of Papua New Guinea.
According to an announcement, the judicial review proceeding between the Governor of Morobe Province and the Independent State of Papua New Guinea in relation to the Wafi-Golpu Project Memorandum of Understanding (MOU), was dismissed by the National Court sitting in Lae, Papua New Guinea.
This follows the Papua New Guinea Minister for Mining recently advising the Wafi-Golpu Joint Venture (WGJV) partners that the State of PNG had withdrawn its support for the MOU and instructed its lawyers to take steps to set aside the stay order and terminate the judicial review proceeding.
As a consequence, the stay order restricting the WGJV partners from engaging in discussions with the State of PNG has been lifted.
As a result, Newcrest, together with its WGJV partner Harmony, can now re-engage with the State of PNG and progress discussions on the Special Mining Lease for the Wafi-Golpu Project.
The post Why the Newcrest Mining share price is pushing higher today appeared first on Motley Fool Australia.
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