Greatland Gold plc (AIM: GGP) announced on 10 September 2024 that certain of its wholly owned subsidiaries had entered into a binding agreement with certain Newmont Corporation subsidiaries (Newmont) to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper mine, and other related interests in assets in the Paterson region (the Acquisition).
Greatland is pleased to now announce that significant progress has been made towards the satisfaction of two conditions precedent for the completion of the Acquisition, related to the remediation of the Telfer Tailings Storage Facility 8 (TSF8).
It is a condition precedent to completion of the Acquisition that (i) the remediation of TSF8 is completed in accordance with the remediation plan; that remediation and associated approval to recommence deposition of tailings are confirmed by the Telfer Engineer of Record; and the Department of Energy, Mines, Industry Regulation and Safety (Western Australia) (DEMIRS) lifts the prohibition notice on the deposition of tailings into TSF8 (the TSF8 Remediation Condition); and (ii) Newmont restarts processing operations at Telfer and recommences tailings deposition in TSF8 for a period of 14 consecutive days (the TSF8 Restart Condition).
Greatland has been informed by Newmont that the TSF8 remediation works required for the recommencement of deposition to tailings have been completed, and the DEMIRS prohibition notice on TSF8 has been lifted. Greatland has also been informed by Newmont that it restarted Telfer processing operations and recommenced the deposition of tailings into TSF8 on 23 September 2024. Accordingly, whilst the conditions precedents have not as yet been satisfied in full, significant progress has been made towards their satisfaction.
Greatland congratulates Newmont on this important achievement and the restart of processing and tailings deposition, which is the result of significant work and a robust approach taken by the Newmont team to investigate and resolve the TSF8 issues.
Completion of the Acquisition remains subject to satisfaction (or, where applicable, waiver) of the conditions described in the Company’s Admission Document dated 10 September 2024, including the TSF8 Restart Condition described above. Completion of the Acquisition continues to be targeted in Q4 2024.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
About Greatland
Greatland is a mining development and exploration company focused primarily on precious and base metals.
The Company’s flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with world gold major, Newmont Corporation.
Havieron is located approximately 45km east of the Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021. Total development exceeds 3,060m including over 2,110m of advance in the main access decline (as at 30 June 2024). Havieron is intended to leverage the existing Telfer infrastructure and processing plant, which would de-risk the development and reduces capital expenditure.
On 10 September 2024, Greatland announced that certain of its wholly owned subsidiaries had entered into a binding agreement with certain Newmont Corporation subsidiaries to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project (consolidating Greatland’s ownership of Havieron to 100%), 100% ownership of the Telfer gold-copper mine, and other related interests in assets in the Paterson region. Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is targeted to occur during Q4 2024.
Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.
