Greatland Gold secures funding for gold-copper deposit in Australia
Published by Joe Toft,
Editorial Assistant
Global Mining Review,
Greatland Gold plc, a mining development and exploration company with a focus on precious and base metals, has secured funding of up to a total of AUS$340 million (approximately £199 million), enabling Greatland to fully fund its 30% share of the development of the world-class gold-copper deposit in Australia (Newcrest holds another 70%).
Havieron, the discovery by Greatland in 2018, has become established as one of the most exciting long life gold-copper deposits in development worldwide, with an estimated value of over US$1.2 billion. Havieron is currently in development under a joint venture with Newcrest Mining, Australia’s largest gold producer. Greatland has announced another set of promising drilling results at Havieron.
Shaun Day, Managing Director of Greatland Gold plc, commented:
“This is a tremendous announcement for Greatland to have a pathway to being fully funded for its share of the development costs of Havieron. This outcome has been achieved through a combination of equity market support, including today’s execution of strategic investment agreements with Wyloo, and in combination with the support from a syndicate of high-quality banks providing a commitment letter in respect of AUS$220 million of debt funding.
“The significant size of each bank’s commitment together with the strategic support from Wyloo, highlights the long-term confidence in the Havieron gold-copper project and the strength of this asset.
“The selection of ANZ, HSBC and ING as our banking partners reflects their quality as financial institutions, commitment to supporting high-quality asset development and their strong relationship commitment throughout the banking process.
“Following shareholder approval, we look forward to welcoming Wyloo as our strategic partner and largest shareholder to complete the Havieron funding package.
“Completing the debt facilities and Wyloo investment will enable Greatland to be fully funded for its share of costs in developing the Havieron project into first production and potential free cash flow. This will provide long-term financial stability, and create significant value for Greatland and its shareholders.”
Highlights of the funding:
- Greatland signed a commitment letter, including term sheet, for a AUS$220 million (approximately £130 million), seven-year term, self-arranged debt syndicate of three leading international banks: HSBC Bank, Australia and New Zealand Banking Group, and ING Bank prior to the finalisation of the feasibility study later this year.
- Wyloo Metals’, a privately-owned metals company with a focus on investing in the critical mineral supply chain, initial strategic equity subscription of AUS$60 million (approximately £35 million) with a further future potential AUS$60 million.
Read the article online at: https://www.globalminingreview.com/mining/13092022/greatland-gold-secures-funding-for-gold-copper-deposit-in-australia/
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