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Highlights:
- Greatland Gold progresses towards completing the acquisition of 70% of Havieron and 100% of Telfer assets from Newmont.
- Key conditions, including Telfer remediation and foreign investment approvals, have been satisfied.
- Acquisition expected to complete by early December 2024, with A$75 million working capital facility in place.
Greatland Gold plc (AIM: GGP), a leading precious and base metals exploration and development company, has provided an update on the progress of its highly anticipated acquisition of a 70% interest in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper mine, and other related assets in the Paterson region from Newmont Corporation (Newmont). The acquisition, announced on 10 September 2024, remains on track for completion by early December 2024, following the satisfaction of several key conditions precedent.
The Acquisition is set to significantly expand Greatland’s portfolio in the Paterson region, one of Australia’s most prospective gold and copper districts, with two flagship assets – the Havieron project and the Telfer mine. The completion of this deal is contingent upon the fulfillment of a number of conditions, as outlined in the Company’s Admission Document. Greatland is pleased to confirm significant progress towards satisfying these conditions.
- Telfer Tailings Storage Facility (TSF8) Remediation
Greatland is pleased to report that the remediation of Telfer’s TSF8 has been successfully completed by Newmont, as verified by the Telfer Engineer of Record. In addition, Newmont has achieved the required 14 consecutive days of processing at the Telfer mine, fulfilling the conditions precedent related to TSF8. Telfer’s processing operations are proceeding as planned, confirming the readiness of the Telfer assets for transfer to Greatland upon acquisition completion.
- Foreign Investment Review Board (FIRB) Approval
Greatland and Newmont have both received the necessary approvals from the Australian Treasurer for foreign investment, permitting the issuance of Greatland shares to Newmont as part of the Acquisition. With this approval in place, the transaction continues to move forward on schedule.
- Pilbara Ports Authority Consent
Greatland has secured consent from the Pilbara Ports Authority to transfer the Crown Lease at Port Hedland, which relates to the product export facilities used for the storage and export of Telfer’s copper-gold concentrate. This consent is another critical milestone towards completing the Acquisition.
With these significant milestones achieved, the completion of the Acquisition is now contingent on the satisfaction of the remaining conditions outlined in the Admission Document, which are expected to be resolved in the coming weeks. Greatland and Newmont have agreed on a target completion date of early December 2024, though this timeline will continue to be assessed as the remaining conditions progress.
In a further positive development, Greatland is pleased to announce that Telfer employees have accepted offers of employment with the Company, ensuring a seamless transition and the retention of the highly skilled workforce at the Telfer mine. This will help maintain operational continuity and leverage the existing expertise and knowledge at Telfer following the Acquisition’s completion.
Greatland continues to make progress with its financing arrangements, having secured an A$75 million working capital facility and an A$25 million contingent instrument facility with a banking syndicate comprising ANZ, HSBC, and ING. These facilities are expected to be finalized and executed by the end of November 2024, providing the necessary financial backing for the Acquisition and ongoing development of the Havieron and Telfer projects.
The successful acquisition of the Havieron and Telfer assets represents a transformative step for Greatland Gold, significantly enhancing its position as a leading player in Australia’s mining sector. With the progress made on key conditions and the support of a skilled workforce, Greatland is poised to accelerate the development of these high-value assets and unlock the full potential of the Paterson region.
Greatland CEO, Shaun Day, commented: “We are delighted with the progress we’ve made towards completing this transformative acquisition. The successful remediation of Telfer’s TSF8, along with the foreign investment and port approvals, marks critical milestones in our path to completing the transaction. We look forward to welcoming the Telfer team into the Greatland organization and are excited about the future prospects of the Havieron and Telfer projects.”
As Greatland Gold continues to advance towards the completion of this landmark acquisition, the Company remains focused on delivering long-term shareholder value through the continued development of its assets in one of the world’s most promising mining regions. Further updates will be provided as necessary.
