Australian miner Greatland Gold has announced that its subsidiaries have entered into a binding agreement with US-based Newmont’s subsidiaries to acquire a 70% ownership interest in the Havieron gold-copper project.
This deal also includes 100% ownership of the Telfer gold-copper mine and related assets in the Paterson region.
Completion of the acquisition, targeted for early December 2024, is contingent upon meeting certain conditions outlined in the company's admission document.
Significant progress has been made towards meeting the conditions precedent for the acquisition including the completion of remediation of the Telfer Tailings Storage Facility 8 by Newmont, which was confirmed by the Telfer Engineer of Record.
Greatland managing director Shaun Day said: "We are delighted to be nearing completion of Greatland's 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.
“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."
Newmont has also achieved the required 14 days of consecutive processing at Telfer, satisfying all related conditions. The Telfer processing operations are proceeding as planned.
Additionally, Newmont has received approval from the foreign investment review board (FIRB) for the issuance of Greatland shares pursuant to the acquisition.
Greatland has also secured the necessary FIRB approval for the acquisition itself. Consent from the Pilbara Ports Authority for the transfer of the Crown Lease at Port Hedland, which is related to the storage and export of Telfer copper-gold concentrate, has been granted.
The finalisation of an A$75m ($48.5m) working capital facility and an A$25m contingent instrument facility with ANZ, HSBC and ING banking syndicate is progressing, with expectations to conclude by the end of November 2024.
These financial facilities are part of the commitment letter signed on 10 September 2024.
