Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said it would complete a feasibility study for its Havieron within twelve months completing its 100% acquisition next month.
The junior is also acquiring the Telfer mine (both from US giant Newmont) and Shaun Day, Greatland’s managing director, said: "The acquisition, announced on 10 September 2024 and targeted to complete by early December, will make Greatland a significant Australian gold and copper producer with one of the country's best development projects."
"The acquisition of Telfer provides a de-risked near-term mine plan with substantial ore stockpiles at the surface and attractive mine life extension opportunities.
“Telfer's production is expected to generate free cash flow, supporting the development of Havieron."
"Ownership of the Telfer infrastructure substantially de-risks and reduces the cost of completing Havieron's development and enhances the potential value of exploration success in our extensive Paterson exploration portfolio.
“We are well positioned to build a generational mining complex and create value for our shareholders."
Losses in the year to end June were £14.8 million down from £21.1 million in the previous twelve months.