Greatland Gold and Newmont are targeting early December for completion of the $700 million acquisition of the neighbouring Havieron and Telfer gold projects.
Greatland Gold and Newmont are targeting early December for completion of the $700 million acquisition of the neighbouring Havieron and Telfer gold projects.
This follows progress on a number of operational and regulatory conditions for the deal, which was announced in September.
Most notably, Newmont has achieved the required 14 days of consecutive processing at its Telfer mine in the Pilobara.
This follows a remediation of the tailings storage facility.
Second, Newmont has been granted foreign investment approval by Treasurer Jim Chalmers for the issuing of Greatland shares to Newmont as part of the deal.
This will make Newmont a 20 per cent shareholder in Greatland, which is run from Perth and plans to pursue an ASX listing next year under the leadership of managing director Shaun Day.
Third, the Pilbara Ports Authority has given consent to the transfer of the Crown lease at Port Hedland relating to facilities utilised for the storage and export of Telfer concentrate.
Fourth, Greatland said Telfer employees have accepted offers of employment “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”.
Greatland already owns 30 per cent of Havieron and plans to acquire the rest of the project from Newmont.
It also plans to acquire 100 per cent of the Telfer mine and process plant, which will be used to process Havieron ore.
In an update today, Greatland and Newmont said they 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,” they said.
