Greatland Gold has expressed interest in potentially regaining full ownership of the Havieron gold project in Pilbara, Western Australia, should the chance present itself.
In February, Newmont, which currently holds a 70% stake in Havieron through a 70/30 joint venture with Greatland, classified the project as non-essential to its portfolio.
Highlights
- Water management: Updated predictive hydrogeological model and water balance was completed and provides an improved understanding of water management requirements for the lower confined aquifer.
- Development: Construction of important underground infrastructure was completed during the quarter. Total underground development to date exceeds 3,060 metres, representing approximately 80% of vertical distance through to the top of the Havieron ore body.
- Ownership of Havieron: Newmont announced that it considers its 70% interest in Havieron non-core. Greatland holds a last right of refusal in respect of that interest and considers itself strongly positioned should there be an opportunity to consolidate ownership of Havieron on accretive terms for Greatland’s shareholders.
Greatland has emphasized its preemptive right to acquire Newmont’s interest before any third-party sale and views itself as well-prepared to fully acquire Havieron under favourable conditions.
Sean Day, the managing director of Greatland, stated, “We see significant latent value in our arrangement with Newmont, considering their 70% stake in Havieron is now non-essential. Should an opportunity arise to fully acquire Havieron, our focus would be on achieving a beneficial result for our shareholders and developing this top-tier Australian gold-copper project.”
Day also noted considerable advancements in the project over the recent quarter, particularly in water management. He reported that measured flow rates are at the lower end of previously expected ranges, and the requirements for water management infrastructure have been established.
“This substantially mitigates the developmental risk through the aquifer,” Day explained. “Additionally, a more optimal location for the underground decline has been identified, where the Permian layer is shallower, thereby reducing the development distance needed through this layer.”
To date, the total underground development at Havieron has surpassed 3,060 meters, which is about 80% of the vertical extent to the top of the ore body.
