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).
Completion of the Acquisition is subject to the satisfaction (or, where applicable, waiver) of a number of conditions precedent, which are summarised in the Company’s Admission Document dated 10 September 2024 (Admission Document) (refer to Part 2, paragraph 2, on page 41).
Greatland is pleased to provide an update on the significant progress that has been made towards satisfaction of the following conditions precedent to the completion of the Acquisition:
- Foreign Investment Review Board (FIRB) approval: Greatland has been granted foreign investment approval by the Treasurer of the Commonwealth of Australia for the Acquisition. Newmont has submitted its own approval application which remains pending.
- Ministerial consent to tenement transfers: Consent has been granted by the Western Australia Minister for Mines and Petroleum to the transfer of relevant mining tenements pursuant to the Acquisition.
- Telfer environmental licence renewal: The Telfer Part V licence issued under the Environmental Protection Act 1986 (WA) has been renewed for a period of 10 years.
- Greatland shareholder approval: On 30 September 2024, Greatland shareholders voted to overwhelmingly approve the Acquisition and associated equity raising, with 99.75% of votes cast being in favour.
As announced by the Company on 26 September 2024, significant progress has also been towards the satisfaction of the conditions precedent relating to Telfer Tailings Storage Facility 8.
Completion of the Acquisition remains subject to satisfaction (or, where applicable, waiver) of the remaining conditions described in the Admission Document, and continues to be targeted in Q4 2024. The Company will provide further updates as appropriate.
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.
