Australia's Greatland Gold formally completed the acquisition of the Telfer and Havieron gold mines in Australia from leading gold miner and copper, zinc, lead and silver producer Newmont Corporation on December 4, 2024. Four days later, the first gold bars were poured at Telfer.
The terms of the deal saw Newmont sell the Telfer mine, as well as its 70% interest in the Havieron gold-copper project and other smaller operations, for $475 million.
Under the agreement, Newmont only used one of the two nominal processing limits of the 10 million tonnes per annum project, with Greatland resuming the two-line processing operation upon completion of the acquisition.
Greatland acquired approximately 30.5-34.5 million tonnes of inventory, including 11.5 million tonnes of high-grade ore from run-of-the-mill reserves, and approximately 19-23.0 million tonnes of low-grade reserves.
Mining is currently ongoing at Telfer's West Dome open pit and underground at Main Dome.
Greatland also announced the completion of a 150,000-ounce hedge program at an average strike price of AUD 3,905.17 per ounce.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
