Greatland Gold PLC (AIM: GGP, OTC: GRLGF) has hailed the ‘transformational’ impact of securing full control of the Havieron gold-copper project, while also highlighting a strong start to production at the Telfer mine, marking a pivotal six months for the company.
With these two Western Australian assets, the UK-listed miner is set to become a major gold and copper producer.
The Havieron acquisition, finalized in December, involved Greatland paying $167 million in cash and issuing $167.5 million in shares to Newmont, which now holds a 20.4% stake in the company.
Greatland Gold has successfully repaid a $52.4 million joint venture loan, leaving the company debt-free. Additional contingent payments of up to $100 million are linked to future gold production at Havieron. The acquisition unlocks significant opportunities to integrate and optimize mining operations between Havieron and Telfer.
Strong Performance at Telfer
Telfer has delivered nearly 30,000 ounces of gold and over 1,100 tonnes of copper in the six months ending December 31.
The processing plant operated at full capacity, with stockpiles containing almost 500,000 ounces of gold at year-end. In January, the first concentrate shipment generated £48 million in revenue.
Havieron Development Accelerates
Greatland is pressing ahead with plans to develop Havieron, which is set to become one of Australia’s largest gold-copper mines, with steady-state production expected to reach 221,000 ounces of gold per year over 15 years.
A feasibility study remains on track for completion in the second half of 2025, with first ore production expected in 2026.
Strong Financial Position
Greatland ended 2024 in its strongest financial position yet, with £71.9 million in cash and no debt, a remarkable turnaround from mid-year when it had just £4.8 million in cash and £41.5 million in debt.
The company also secured a new A$100 million credit facility with ANZ, HSBC, and ING, providing additional financial flexibility.
A Major Player in Australian Mining
With full control of two major assets, Greatland has positioned itself as a significant force in Australian mining. The company owns the only operating processing plant in the Paterson region and holds an extensive exploration portfolio, strengthening its outlook for future growth.
CEO Shaun Day on Greatland’s Transformation
“It has been a transformative period for Greatland, having completed the full consolidation of Havieron and Telfer, establishing us as a gold-copper producer of significance.
“We are delighted with the strong production start in December, and the combination of a high Australian dollar gold price, substantial mined stockpiles, Telfer mine life extension targets, and the approaching development of the world-class Havieron asset presents a unique opportunity for near-term cash flow and medium-term growth.
“We continue to advance the Havieron feasibility study, which remains on track for completion in H2 2025, with development now substantially de-risked by our ownership of the Telfer infrastructure.”
