https://newsletter.en.creamermedia.com
Copper|Gold|Mining|PROJECT|Surface|Underground|Operations
Copper|Gold|Mining|PROJECT|Surface|Underground|Operations
copper|gold|mining|project|surface|underground|operations

First Telfer gold pour under new ownership

9th December 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

London-listed Greatland Gold has successfully poured its first gold bars at the Telfer gold/copper mine, following its recent acquisition of the operation.

The company completed its purchase of Telfer and the Havieron project from Newmont last Wednesday.

Prior to the acquisition, only one of Telfer’s two ten-million-tonne-a-year processing trains was in operation to preserve ore and stockpiles for Greatland. Shortly after the acquisition, dual-train processing resumed, marking the start of commercial production under Greatland's ownership.

Greatland acquired an estimated 30.5-million to 34.5-million tonnes of stockpiles as part of the transaction. This includes about 11.5-million tonnes of high-grade run-of-mine ore and an additional 19.0-million to 23.0-million tonnes of low-grade stockpiles. Mining operations are ongoing at the West Dome openpit and Main Dome underground.

“Greatland's first ever gold production at Telfer is a wonderful milestone and a credit to our team. 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," said Greatland MD Shaun Day.

Ahead of the completion of the acquisition, Greatland announced that it had secured gold put options for 100 000 oz of Telfer production at an average strike price of A$3 887.50/oz through its banking syndicate of ANZ, HSBC, and ING. The company has now completed its hedging programme by purchasing put options for an additional 50 000 oz, bringing the total coverage to 150 000 oz at an average strike price of A$3 905.17/oz.

The put options provide downside price protection while allowing Greatland to benefit from any gold price increases across all production volumes.

Edited by Creamer Media Reporter

Comments

 

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
John Ratcliffe
John Ratcliffe

At John Ratcliffe, we are aftermarket specialists for heavy-duty on and off-road vehicles. We engineer and retrofit advanced safety systems, engine...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.194 0.288s - 192pq - 2rq
Subscribe Now