Greatland Gold PLC has released an update on the Havieron project, a gold-copper project located in the Paterson Province. The company has completed construction of important underground infrastructure, with total underground development exceeding 3,060 meters, representing approximately 80% of the vertical distance through to the top of the Havieron ore body. The Feasibility Study is examining an expanded throughput rate of 3 million tonnes per annum, and several value-enhancing options are being assessed to maximize value and de-risk the project.
The company has made significant progress in water management, with an updated predictive hydrogeological model completed, providing an improved understanding of water management requirements for the lower confined aquifer. The potentially greater volumes of water that were anticipated have not materialized, allowing the project to continue with the surface water infrastructure design. Opportunities to bring forward approvals for the final three evaporation ponds are being progressed, and lining materials for two evaporation ponds have already been procured.
Newmont, which holds a 70% interest in Havieron, has announced that it considers its interest in Havieron and ownership of Telfer as non-core assets which it intends to divest. Greatland, which holds a last right of refusal in respect of that interest, considers itself strongly positioned should there be an opportunity to consolidate ownership of Havieron on accretive terms for Greatland's shareholders.
Greatland Managing Director, Shaun Day, commented, "Significant progress has been made during the quarter, particularly in terms of improving our understanding and confidence in water management and advancing the development of underground infrastructure. We are well-positioned to consolidate ownership of Havieron on accretive terms for our shareholders."