Greatland delivers strong quarter following Newmont deal
Greatland Gold has delivered a strong March 2025 quarter, following its acquisition of Newmont’s Telfer mine and 70 per cent stake in the Havieron project, both in Western Australia.
The UK miner produced 90,172 ounces (oz) of gold and 3511 tonnes (t) of copper at an all-in-sustaining-cost (AISC) of $2126/oz gold during the quarter, a result 21 per cent higher than the 74,800oz outlined in Greatland’s initial pre-acquisition mine plan.
The AISC was also 3.5 per cent lower than Greatland’s expectations of $2203/oz of gold.
Greatland sold 89,125oz of gold and 3705t of copper at weighted average realised prices of $4585/oz of gold and $13,140/t copper, generating revenue of $458 million for the quarter.
The company saw a strong improvement in gold recoveries, delivering 86.7 per cent gold recoveries compared to the assumed average gold recoveries of 78 per cent. Greatland plans to continue optimising its processing throughout the year.
“Greatland’s first full quarter since acquiring 100 per cent ownership of Telfer and Havieron was a tremendous success and is a great credit to the exceptional work of our operational team,” Greatland managing director Shaun Day said.
“Production of more than 90,000 ounces of gold and full exposure to the strong gold price resulted in free cash flow of $253 million for the quarter.”
Other operational highlights for Greatland during the March quarter include the first major dual train planned maintenance of the Telfer processing plant being successfully completed.
“Closing cash of $398 million and no debt establishes a very robust balance sheet and importantly allows us to invest significantly in organic growth and extension at Telfer,” Day said.
Following a high grade near-mine underground opportunity being identified at Telfer’s West Dome, a successful drilling program led to a second 1.8km development drive from the Main Dome underground to West Dome underground being approved and commencing in March.
The planned mobilisation of two additional underground drill rigs to Telfer in the June 2025 quarter will increase the site’s total rigs to the most Telfer has seen since 2020.
“Our confidence in the outlook for Telfer is demonstrated by the approval of investments in a new mining area at the West Dome open pit (stage seven cutback), a second development drive to the new West Dome underground project and an increase to six drill rigs at Telfer,” Day said.
Greatland’s 2024–25 financial year guidance currently sits at 196,000–210,000oz at an AISC of $2100–2250/0z.
The company is currently working to deliver an ore reserve for Telfer by April and its cross-list on the ASX by June.