Greatland completes acquisition of Havieron and Telfer projects
By Josh White
Date: Wednesday 04 Dec 2024
(Sharecast News) - Greatland Gold announced the official completion of its acquisition of Newmont Corporation's majority stake in the Havieron gold-copper project, full ownership of the Telfer gold-copper mine, and associated assets in Western Australia's Paterson region on Wednesday.
The AIM-traded firm said the transfer of ownership took effect at 0800 GMT on Thursday, aligning with the issue of shares to Newmont as part of the agreement.
It said the deal, originally announced on 10 September, granted Greatland a 100% interest in the strategically significant assets, consolidating its position as a gold and copper producer in the region.
The transaction was described as a major milestone for the company, enabling it to fully integrate operations across Havieron and Telfer while advancing its exploration and production capabilities.
"The closing of our acquisition today is a watershed moment for Greatland," said managing director Shaun Day.
"Greatland's discovery of the world class Havieron orebody in 2018 established our platform for growth.
"Returning to 100% ownership of Havieron now gives us the opportunity and control to deliver the project's full potential.
"We have a defined pathway for Havieron to become a low-cost long life gold-copper asset of significant scale."
Day added that Telfer was an "iconic Australian mine" that would "immediately transform" Greatland into a significant producer of gold and copper, with a defined mine plan that was materially de-risked by substantial ore stockpiles, and significant mine life extension prospects.
"Telfer production is expected to generate significant free cash flow, which we expect will help to self-fund the completion of Havieron's development.
"Combining Havieron and Telfer under our single ownership provides the opportunity to operate efficiently and deliver an exceptional platform for continued growth and a compelling opportunity to create value for our shareholders."
At 1108 GMT, shares in Greatland Gold were up 8.32% at 7.74p.
Reporting by Josh White for Sharecast.com.
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