The Telfer mine in Western Australia produces approximately 349,000 oz/y of gold and 17,000 mt/y of copper.
(Photo: Newmont)

Under the terms of the agreement, Newmont expects a cash consideration of $207.5 million upon closing, along with an equity consideration of $167.5 million in the form of Greatland shares. Greatland will also pay Newmont a deferred contingent cash consideration of up to $100 million.

Telfer is a fly-in-fly-out gold mine in the Great Sandy Desert of the Pilbara in Western Australia. It includes the West Dome open pits and underground mines, which produce gold and copper via a large, dual-train comminution circuit followed by flotation and cyanide circuits, resulting in gold doré and a gold-copper concentrate. The gold-copper concentrates are trucked to Port Hedland and exported to various smelters. In FY2023, Telfer produced 349,000 ounces (oz) of gold and 17,000 metric tons (mt) of copper.

Havieron is a high-grade underground gold-copper deposit located in the Paterson Province in the East Pilbara region of Western Australia, approximately 45 km east of Telfer. It was discovered by Greatland in 2018 and since 2019 has been advanced under the Havieron Joint Venture Agreement with Greatland owning 30% and an Australian subsidiary of Newmont owning 70%.

An access decline was initiated at Havieron in May 2021, with more than 3,000 m of total underground development completed to date. Underground development is currently paused prior to development through the third and final lower confined aquifer (LCA) that the decline passes through before reaching the Havieron orebody. Three more evaporation ponds are required to manage dewatering requirements for development through the LCA. The company said opportunities to bring forward approvals for these are being progressed.

The Havieron mineral resource estimate completed in December 2023 comprises 131 million mt grading 1.7g/ mt gold and 0.21% copper, for a total of 7 million oz of gold and 275,000 mt of copper. Along with its interest in Havieron, Greatland holds rights or interests under various group subsidiaries in four other exploration projects in the Paterson Province – Paterson South, Juri JV, Scallywag and Canning.