Greatland Gold gearing up for Telfer deal

Greatland Gold and Newmont (ASX: NEM) are targeting early December for completion of Greatland’s 100% acquisition of the Telfer mine and the remaining 70% of its neighbour, Havieron.

Significant progress has been made towards satisfaction of several conditions precedent to the completion of the acquisition.

Remediation of TSF8 has been completed by Newmont and confirmed by the Telfer engineer of record. Newmont has achieved the required 14 days of consecutive processing at Telfer with processing operations running to plan.

Newmont has been granted foreign investment approval by the Federal Treasurer Jim Chalmers for the issuance of Greatland shares to Newmont. Greatland has also received its required FIRB approval.

Consent has been received from the Pilbara Ports Authority to the transfer of the Crown Lease at Port Hedland, WA, relating to product export facilities utilised for the storage and export of Telfer copper-gold concentrate.

Greatland Gold managing director Shaun Day says the company is delighted to be nearing completion of its 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,” he said.

“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.”

According to Greatland, Telfer employees have accepted offers of employment by the company, 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 completion.