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 further progress that has been made towards satisfaction of the following conditions precedent to the completion of the Acquisition:
§ Telfer Tailings Storage Facility 8: Remediation of TSF8 has been completed by Newmont and confirmed by the Telfer Engineer of Record, and Newmont has achieved the required 14 days of consecutive processing at Telfer, such that all conditions precedent related to TSF8 are presently satisfied. Telfer processing operations are running to plan.
§ Foreign Investment Review Board (FIRB) approval: Newmont has been granted foreign investment approval by the Treasurer of the Commonwealth of Australia for the issuance of Greatland shares to Newmont pursuant to the Acquisition. As previously announced, Greatland has also received its required FIRB approval for the Acquisition.
§ Pilbara Ports Authority: Consent has been received from the Pilbara Ports Authority to the transfer of the Crown Lease at Port Hedland relating to product export facilities utilised for the storage and export of Telfer copper-gold concentrate.
Completion of the Acquisition remains subject to satisfaction (or, where applicable, waiver) of the remaining conditions described in the Admission Document.
Greatland and Newmont have agreed to target completion of the Acquisition by early December 2024. This target date is based on the current status and expected progress of the outstanding conditions precedent and will continue to be assessed. The Company will provide further updates as appropriate.
Greatland is delighted that Telfer employees have accepted offers of employment by Greatland, securing the transfer of a significant and highly skilled Telfer workforce, and preserving the existing capability, expertise and knowledge to enable continuity of efficient operations following Acquisition completion. Greatland has appreciated excellent engagement with the Telfer workforce to date and looks forward to welcoming them into the Greatland organisation from completion.
Finalisation of the A$75 million working capital facility and A$25 million contingent instrument facility with the banking syndicate ANZ, HSBC and ING, as contemplated by the Commitment Letter entered into on 10 September 2024, continues to progress. The facilities are expected to be finalised and executed by the end of November 2024.
Greatland Managing Director, Shaun Day, commented: “We are delighted to be nearing completion of Greatland’s transformational acquisition of Telfer and Havieron. The significant and collaborative efforts of the Greatland, Newmont and Telfer teams have enabled the continued progress towards the satisfaction of the transaction conditions and our integration work. We congratulate Newmont on the successful restart of processing operations and are excited to take over in a matter of weeks and emerge as a significant Australian gold and copper producer, with completion targeted by early December 2024.”
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | Rowan Krasnoff, Head of Business Development
