Andrew Forrest’s private mining vehicle Wyloo Metals has spent $200 million building its position in ASX-listed Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP), lifting its holding to more than 18%.
Greatland operates the Telfer gold and copper mine in Western Australia and is developing the nearby Havieron deposit.
Wyloo acquired the shares from Newmont, the world’s largest gold miner and Greatland’s previous Telfer owner, as the US group moves to exit the asset.
Wyloo’s early backing of Greatland has delivered a sharp revaluation, with its stake now valued at about $1.6 billion. On that basis, Wyloo is sitting on paper gains of more than $1 billion.
The Greatland uplift has helped offset the hit from Wyloo’s $760 million takeover of nickel producer Mincor in 2023, with Mincor’s Western Australian nickel mines now mothballed amid softer market conditions.