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PERTH - Greatland Resources Limited announced on Monday the completion of a feasibility study for its wholly-owned Havieron gold-copper project, confirming plans for a world-class underground mine in Australia with projected low operating costs and strong financial returns.
The study outlines a mine with a 17-year life span, including nine years at steady-state production of 266,000 ounces of gold and 9,600 tonnes of copper annually. The project is expected to generate pre-tax free cash flow of A$739 million per year during steady-state operations at base case pricing, or A$1.2 billion annually at current spot gold prices.
The company reported an updated ore reserve of 38.5 million tonnes at 2.63 g/t gold and 0.33% copper, containing 3.3 million ounces of gold and 128,000 tonnes of copper, which it describes as "the largest Australian underground gold reserve outside of a global major gold producer."
Pre-production capital expenditure is estimated at A$1.07 billion, which Greatland expects to fund through its existing A$750 million cash reserves, ongoing cash flows from its Telfer operations, and a A$500 million debt commitment from a lending syndicate including ANZ, HSBC, ING, NAB and Westpac.
The project will utilize existing infrastructure at the company’s nearby Telfer operations, with Havieron ore to be transported approximately 45 kilometers to the Telfer processing plant. The company plans A$200 million in plant upgrades to optimize recovery from Havieron ore.
According to the feasibility study, the project has a post-tax net present value of A$2.9 billion and internal rate of return of 22.5% at the base case gold price of A$4,500 per ounce. At the current spot gold price of approximately A$6,250 per ounce, these figures increase to A$5.4 billion and 31.5%, respectively.
Greatland Managing Director Shaun Day said the company is targeting final investment decision following receipt of environmental approvals expected in fiscal year 2026, with first gold production approximately 2.5 years later.
The company noted in its statement that the feasibility study is based on a press release.
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