Greatland Gold officially completed its acquisition of the Telfer and Havieron gold mines in Western Australia from Newmont on December 4 2024. Just four days later, Greatland poured its first two gold bars at Telfer.
Before the deal was done, Newmont was only using one of the project’s two nominal 10 million tonne per annum (Mtpa) processing trains in order to preserve Telfer ore and stockpiles for Greatland to process.
Shortly following completion of the acquisition, Greatland resumed dual-train processing operations.
An estimated 30.5–34.5Mt of stockpiles were acquired by Greatland, including 11.5Mt of high-grade run-of-mine grade ore stockpiles, plus a further estimated 19–23.0Mt of low-grade stockpiles.
Mining is now continuing in Telfer’s West Dome open pit and Main Dome underground.
“Greatland’s first ever gold production at Telfer is a wonderful milestone and a credit to our team,” Greatland managing director Shaun Day said.
“Equally importantly, we are delighted to have resumed dual train processing operations in line with our Telfer mine plan.
“The combination of a strong gold price and significant ore stockpiles at surface makes this a tremendous time to own the Telfer mine.”
Greatland has also announced it has completed a 150,000-ounce (oz) hedging program with an average strike price of $3905.17/oz.
The program was executed through a series of put options, which gives Greatland the right to sell the gold at a specific price before a certain date.
The aim of the program is to provide a minimum downside price protection for the optioned ounces while retaining full upside exposure to the gold price across 100 per cent of Telfer’s production volumes.
Subscribe to the Mining newsletter to get the latest news that matters to Australia’s premier industry.
