LONDON - Greatland Gold plc (AIM:GGP) announced a strong start to gold and copper production at its Telfer mine in Australia, following the acquisition completion on December 4, 2024. In the 27 days under Greatland's management, Telfer produced 29,864 ounces of gold and 1,189 tonnes of copper, amounting to 33,882 ounces of gold equivalent, the company reported in a press release.
The production rate for December exceeded the average monthly forecast by approximately 33%, based on the initial mine plan that projected 426,000 ounces of gold equivalent over 15 months. However, Greatland noted that the mill grade during this period was higher than the mine plan average, and the production outperformance was achieved over a relatively short timeframe.
The acquisition of Telfer and Havieron was completed with the consolidation of 100% ownership, and the operations saw a swift resumption of dual train processing with 1,466 kilotonnes of ore processed in December. Mining activities yielded 639 kilotonnes of ore from the West Dome Open Pit and 95 kilotonnes from Telfer Underground.
Greatland Gold also reported sizable closing stockpiles at the end of December, including 10.9 megatonnes of run-of-mine stockpiles containing 247,000 ounces of gold and 7.6 kilotonnes of copper, as well as 24.5 megatonnes of low-grade stockpiles with 262,000 ounces of gold and 12.2 kilotonnes of copper.
The company's workforce transitioned smoothly with 435 employees moving to Greatland upon completion, and several key appointments were made to strengthen the operational and technical leadership team. Greatland also executed a A$100 million Syndicated Facility Agreement, enhancing liquidity with a A$145 million closing cash balance and an undrawn A$75 million working capital facility.
Plans are in place to extend the life of the Telfer mine, with a site-wide review underway. The Havieron project is progressing according to schedule, with its feasibility study expected to be completed in the second half of 2025.
Greatland's managing director, Shaun Day, expressed satisfaction with the Telfer operations and the team's performance. The company is focusing on integrating the new acquisition, extending the Telfer mine life, and advancing the Havieron feasibility study. A comprehensive update, including cost performance and future production and cost guidance, is anticipated in April 2025.
This report is based on a press release statement from Greatland Gold plc.
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