Greatland Gold Shares Rise as Option Over 5% of Havieron Project Priced at $60 Million
July 21 2022 - 6:53AM
Dow Jones News
By Jaime Llinares Taboada
Shares in Greatland Gold PLC rose Thursday after its Havieron
gold project in Australia was estimated a significantly higher
value.
The mining company said the option price at which partner
Newcrest Mining Ltd. can acquire an additional 5% interest in
Havieron has been determined at $60 million. This price tag
represents around a $1 billion increase in the inferred value of
Havieron when compared with a pre-feasibility study issued in
October 2021, Greatland said.
This uplift reflects a 53% increase in the project's mineral
resource estimate, as published in March.
Newcrest now has 30 business days to exercise the option to
acquire the 5% stake, which would result in Newcrest owning 75% of
Havieron and Greatland retaining a 25% interest.
Greatland said it will use the money to repay in full its $50
million debt facility.
Shares in Greatland at 1014 GMT were up 14% at 11.50 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 21, 2022 06:38 ET (10:38 GMT)
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