Greatland Gold has indicated it might try to buy back full ownership of the Havieron gold project in the Pilbara, Western Australia if the opportunity arose.
In February, Newmont, the majority partner at Havieron via a 70/30 joint venture with Greatland, deemed the project non-core.
Greatland says it has a right of refusal over the Newmont interest ahead of any sale to a third party and considers itself “strongly positioned” should there be an opportunity to consolidate ownership of Havieron on accretive terms.
Sean Day, Greatland’s managing director, added: “Overall, we are confident there is currently significant option value in Greatland with Newmont's 70% interest in Havieron considered non-core and our existing last right of refusal on any sale.
“If an opportunity to consolidate ownership of Havieron were to arise we would be highly focused on delivering an accretive outcome for our existing shareholders with a view to delivering a world-class Australian gold-copper asset."
Day added significant progress had also been made over the past quarter moving the project forward.
In water management, measured flow rates are at the low end of the range previously anticipated and water management infrastructure requirements have been confirmed, said Day
“This significantly de-risks development through the aquifer. A better location has also been identified for the underground decline to develop through the remaining Permian layer where it is shallower, reducing the remaining development metres required through the Permian.
Total underground development at Havieron to date exceeds 3,060 metres, representing approximately 80% of the vertical distance through to the top of the ore body.