Greatland Gold has hailed the “Rolls Royce” Telfer project it acquired in December, after producing almost 30,000 ounces of gold from the project over its first 27 days of ownership.
Greatland Gold has hailed the “Rolls Royce” Telfer project it acquired in December, after producing almost 30,000 ounces of gold from the project over its first 27 days of ownership.
The Andrew Forrest-backed, newly minted gold producer acquired Telfer - historically one of Australia's largest gold-copper mines - from Newmont Corporation on December 4 last year and produced 33,882 gold equivalent ounces from the project over the last 27 days of 2024.
The period delivered 29,864 gold ounces and 1,189 tonnes of copper for Greatland, at a rate 33 per cent higher than the average outlined by Greatland’s mine plan.
The outstanding performance was a flying start for an asset which was plagued under its previous ownership by now-remediated tailings dam issues.
Substantial stockpiles were built at surface over the period that the processing infrastructure was knocked out, allowing Greatland to hit the ground running after taking up ownership.
“One swallow, a summer does not make,” Greatland managing director Shaun Day said on an investor call this morning, in reference to the flying start.
The company hopes to both extend the life of Telfer, where it is working to upgrade the ore reserve, and develop the Havieron project next door.
Greatland discovered the 8.4-million-ounce gold equivalent deposit at Havieron in 2018 but gave up 70 per cent of the project when it formed a joint venture with Newcrest Mining in 2020.
Newcrest was acquired by Newmont in 2023, and Greatland completed its $700 million deal to bring all of Havieron back onto its books alongside Telfer late last year.
Telfer is the third-largest processing plant in Australia.
Mr Day told investors that the jewel in the crown for the goldminer was Havieron – the company’s wholly owned development project which it plans to exploit through the Telfer plant.
He compared the project to De Grey Mining’s 10.5-million-ounce Hemi deposit, which prompted Northern Star to launch a $5 billion takeover bid of De Grey last year.
“The comparable there is Hemi, where the bid is underway,” Mr Day said.
“We think the combination of Telfer and Havieron, both under 100 per cent ownership, makes this a more valuable asset platform.”
A feasibility study at Havieron and expected to be completed in the second half of the year.
Currently listed on the AIM exchange in London, Greatland plans to complete an ASX listing in the June quarter.
Greatland will be cross listed as an Australian public company.
Andrew Forrest’s Wyloo Metals owns 8.45 per cent of Greatland, and Newmont holds more than 20 per cent.
The connections to Mr Forrest extend to the company's board, which is chaired by Fortescue deputy chair Mark Barnaba with the iron ore miner’s executive director and former CEO, Elizabeth Gaines, his deputy chair.
