AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- Regulatory Approvals: FIRB approval and ministerial consent for mining tenements are secured.
- Shareholder Confidence: 99.75% of shareholders voted in favor of the acquisition.
- Operational Readiness: The Telfer mine’s environmental license was renewed for 10 year
Greatland Gold announced significant progress on its acquisition of a 70% interest in the Havieron gold-copper project and full ownership of the Telfer gold-copper mine from Newmont Corporation. The acquisition, first disclosed on 10 September, also includes associated assets in the Paterson region of Western Australia. The deal is nearing completion with several critical conditions either met or in the final stages of approval.
Key Milestones Achieved
A major hurdle was cleared when Greatland Gold received approval from Australia's Foreign Investment Review Board (FIRB), although Newmont’s corresponding application is still under review. The Western Australian government has also granted ministerial consent for the transfer of relevant mining tenements, further paving the way for the deal’s completion.
In addition to regulatory approvals, the environmental license for the Telfer mine has been renewed for 10 years. This renewal ensures the continuation of mining operations at Telfer under Greatland’s control and strengthens the company’s position in managing the site long-term. Additionally, the firm is addressing the conditions related to the tailings storage facility at Telfer, another key factor in the transaction’s approval process.
Strong Shareholder Support
The acquisition received overwhelming support from Greatland Gold’s shareholders, who voted in favor of the deal with an impressive 99.75% majority. This approval demonstrates investor confidence in the company's strategic direction and the anticipated value the acquisition will bring to Greatland’s portfolio.
The transaction will allow Greatland to enhance its operations in the Paterson region, positioning it as a leading player in Australia’s gold and copper mining sectors. The acquisition of these major assets provides significant upside, given their existing production capabilities and potential for future resource expansion.
Completion Expected in Q4
Greatland Gold is on track to finalize the acquisition by the fourth quarter of 2024, pending the resolution of the remaining conditions. The company has expressed confidence in the deal’s completion, which will allow it to strengthen its foothold in the mining industry.
As of 1417 BST, shares in Greatland Gold rose 1.96%, trading at 6.24p, reflecting positive market sentiment around the acquisition.
