Greatland Gold managing director Shaun Day has described the first half of the 2024–25 financial year (H1 FY25) as “a transformative period”, shedding light on the company’s progress in developing the world-class Havieron gold-copper project in Western Australia.
While finalising its acquisition of Newmont’s Telfer gold-copper mine and 70 per cent stake in Havieron, Greatland published an independently reviewed ‘base case’ development and mine plan for Havieron.
This included:
- a 51 million tonne (Mt) mining inventory
- a 2.8Mt per annum mining rate
- a mineral resource estimate of 8.4 million ounces of gold equivalent
- an average of 221,000 ounces of gold and 8000 tonnes of copper being produced during the first 15 years of operations
- a life-of-mine to June 2046
- first ore production expected to take place in H2 2026
- first gold targeted for H2 2027.
Since then, the company has progressed Havieron’s feasibility study to plan, with a targeted completion set for the second half of 2025.
Day said the development of Havieron’s feasibility study has been “substantially de-risked” by its ownership of the nearby Telfer infrastructure.
“We are delighted with the strong start to production (at Telfer) in December and the combination of a high Australian dollar gold price, very substantial mined stockpiles at surface, Telfer mine life extension targets, and the approaching development of the world-class Havieron gold-copper asset presents a unique opportunity for near-term cashflow and medium-term growth,” Day said.
“Greatland today is the owner and operator of a processing plant that ranks as Australia’s third largest gold-copper processing plant by capacity, with a generational opportunity presented by Havieron and a highly prospective exploration portfolio.”
Alongside Havieron and Telfer, Greatland acquired any other related interests Newmont had in the Paterson region of WA. This brought the company’s exploration tenure over Paterson to approximately 3800km².
Greatland plans to continue exploring the region to unlock potential future upside as part of its plans to create a world-class mining and processing hub in the emerging Paterson Range province.
Greatland is also on its way to gaining an ASX cross-listing by the June 2025 quarter.
“As a significant Australian gold-copper producer, the ASX listing is intended to provide benefits including an enhanced capital markets profile and increased institutional ownership and index participation,” Day said.
Greatland closed H1 FY25 with a closing cash position of £71.9 million ($146 million) and its net assets totalling £491.5 million ($1 billion).
The company also grossed £8.3 million in revenue and £18 million in net profit after tax.
