Greatland Gold progresses Havieron and Telfer acquisitions

14th Oct 2024 14:35

(Sharecast News) - Greatland Gold updated the market on its acquisition of a 70% interest in the Havieron gold-copper project and 100% ownership of the Telfer gold-copper mine from Newmont Corporation on Monday.

The AIM-traded firm said the acquisition, first announced on 10 September, also included related assets in the Paterson region, and was subject to several conditions precedent, which were now nearing completion.

Key milestones achieved included approval from Australia's Foreign Investment Review Board (FIRB) for Greatland, though Newmont's application remained pending.

Ministerial consent had also been granted by the Western Australia minister for mines and petroleum for the transfer of relevant mining tenements.

Additionally, the environmental licence for the Telfer mine had been renewed for 10 years, with Greatland shareholders overwhelmingly approving the acquisition, with 99.75% voting in favour.

The board said progress had also been made toward satisfying conditions related to Telfer's tailings storage facility.

Completion of the acquisition was expected in the fourth quarter of the year, pending the resolution of remaining conditions.

At 1417 BST, shares in Greatland Gold were up 1.96% at 6.24p.

Reporting by Josh White for Sharecast.com.