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Highlights
- Greatland Gold pours its first gold at the Telfer mine just five days after acquiring it from Newmont.
- The Telfer mine boasts substantial stockpiles, including 11.5Mt of high-grade ore and additional low-grade reserves.
- A comprehensive hedging program secures 150,000oz of production volumes at an average price of A$3,905.17 per oz.
Greatland Gold PLC (LSE:GGP, OTC:GRLGF) has achieved a major milestone, pouring its first gold from the Telfer mine in Western Australia only five days after completing its acquisition from US-based mining giant Newmont. The accomplishment marks a pivotal moment in Greatland’s journey as it transitions into a gold producer with significant resources under its belt.
First Gold Pour and Operational Resumption
Shaun Day, managing director of Greatland Gold, described the event as a "wonderful milestone" for the company, reflecting the dedication and expertise of the Greatland team. The company also confirmed the resumption of dual train processing operations, a crucial component of its Telfer mine plan.
"The combination of a strong gold price and significant ore stockpiles at surface makes this a tremendous time to own the Telfer mine," Day noted, emphasizing the favorable market conditions and the strategic advantages provided by the acquisition.
Substantial Stockpiles Enhance Production Outlook
Greatland acquired between 30.5Mt and 34.5Mt of stockpiles as part of the Telfer acquisition, including an estimated 11.5Mt of high-grade run-of-mine ore stockpiles. Additionally, there are 19.0Mt to 23.0Mt of low-grade stockpiles, providing the company with a robust foundation for sustained production.
Mining operations are actively continuing in the West Dome open pit and Main Dome underground areas, ensuring a steady stream of material to support ongoing processing and production.
Hedging Program Provides Stability
To manage market volatility, Greatland Gold completed a hedging program covering 150,000 ounces of Telfer gold production. The company secured put options for 50,000 ounces, complementing earlier hedging activity, with an average strike price of A$3,905.17 per ounce. This strategic move provides financial stability and secures revenue streams during a time of high gold prices.
Strategic Significance of Telfer Acquisition
The acquisition of the Telfer mine from Newmont has positioned Greatland Gold as a key player in Western Australia’s gold mining landscape. With its extensive stockpiles, operational capabilities, and favorable market conditions, the company is well-equipped to maximize the value of this asset.
Looking Ahead
Greatland Gold’s successful integration of the Telfer mine and its first gold pour signify a promising start to its ownership of the asset. The company’s proactive approach to mining operations, resource management, and financial stability underscores its commitment to delivering value from this significant acquisition.
Further updates on production progress, exploration activities, and resource development at Telfer are anticipated as Greatland continues to establish itself as a major contributor to the gold mining sector in Australia.
