Australian miner Greatland Gold is set to finalise the acquisition of a 70% interest in the Havieron gold-copper project and 100% ownership of the Telfer gold-copper mine from US-based Newmont subsidiaries on 4 December.

The binding agreement between the companies was signed in September this year and includes related interests in the Paterson region.

All conditions, except the admission of consideration shares, have been met or waived, paving the way for the strategic expansion of Greatland's mining operations.

Greatland has satisfied key conditions including shareholder approval, the remediation of Telfer Tailings Storage Facility 8 and the restart of Telfer processing operations.

Greatland managing director Shaun Day said: "We are delighted to have scheduled completion of Greatland's transformational acquisition of Telfer and Havieron for Wednesday 4 December 2024. It is a credit to the exceptional efforts of the Greatland, Newmont and Telfer teams that we have been able to move efficiently and quickly towards completion well inside our target of the December 2024 quarter.

"Completion will mark the beginning of a new chapter for Greatland as an immediate and significant Australian gold and copper producer. The combination of immediate production from the Telfer operations and our planned completion of the development of the world-class Havieron project provides an exceptional platform for continued growth."

Approvals from the Australian Foreign Investment Review Board and the Western Australian Minister for Mines and Petroleum have also been obtained. These developments have been critical in ensuring the acquisition's progression to the final stages.

For the remaining conditions that are yet to be met, Greatland has decided to proceed with the acquisition, waiving them as preconditions.

The company believes that the immediate commercial benefits of the acquisition outweigh the advantages of waiting for the fulfilment of these conditions.

In preparation for the completion, Greatland has issued 2,669,182,291 consideration shares to Newmont, which will rank equally with the existing ordinary shares once admitted.

The acquisition is classified as a reverse takeover under the AIM Rules for Companies, leading to the cancellation of the current admission of the company's shares and the immediate application for the admission of the enlarged share capital to trading on AIM.

Post-admission, Greatland's share capital will consist of 13,079,294,602 ordinary shares, each with one voting right.