Greatland Gold PLC Update re Havieron Joint Venture (3442W)
21 Dicembre 2021 - 11:25AM
UK Regulatory
TIDMGGP
RNS Number : 3442W
Greatland Gold PLC
21 December 2021
21 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc
("Greatland" or "the Company")
Update re Havieron Joint Venture
Greatland Gold plc (AIM:GGP) a mining development and
exploration company with a focus on tier-one gold-copper deposits
refers to its previous announcements, most recently on 9 December
2021, outlining that Newcrest Mining Limited (Newcrest),
Greatland's joint venture partner in the Havieron copper-gold
project, has an option to acquire an additional 5% interest in the
Havieron Joint Venture from Greatland at fair market value.
Newcrest has issued a notice to Greatland informing it that
Newcrest would like to begin the process under the joint venture
agreement to seek to agree the option exercise price in the period
to mid-February 2022.
Under the joint venture agreement, if the option exercise price
cannot be agreed by this date, each party is thereafter required to
notify the other of its assessment of fair market value. If both
parties' assessments are within 10% of each other, the option
exercise price will be the average of those assessments. If both
parties' assessments are not within 10% of each other, the parties
will proceed to independent expert determination, with the expert
being required to determine which of the values nominated by the
parties is to be the fair market value.
Following agreement or determination of the fair market value
option exercise price, Newcrest has 30 business days to exercise
its option to acquire the additional 5% interest. Proceeds from the
exercise will first be used to repay the outstanding balance under
the existing Newcrest loan facility.
As outlined in previous announcements, most recently on 9
December 2021, following delivery of a Pre-Feasibility Study and
meeting the relevant expenditure commitment, Newcrest is entitled
to an additional 10% joint venture interest, and exercising this
entitlement will result in an overall joint venture interest of 70%
Newcrest (30% Greatland). If the option referred to above is
exercised, Newcrest will be entitled to an overall joint venture
interest of 75% (Greatland 25%).
Enquiries:
Greatland Gold PLC +44 (0)20 3709 4900
Shaun Day info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated
Adviser)
Andrew Emmott/James Keeshan +44 (0)20 3368 3550
Berenberg (Joint Corporate Broker and Financial
Adviser)
Matthew Armitt/ Varun Talwar/Alamgir Ahmed
/Detlir Elezi +44 (0)20 3207 7800
Canaccord Genuity (Joint Corporate Broker
and Financial Adviser)
James Asensio/Patrick Dolaghan +44 (0)20 7523 8000
Hannam & Partners (Joint Corporate Broker
and Financial Adviser)
Andrew Chubb/Matt Hasson/Jay Ashfield +44 (0)20 7907 8500
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a mining development and
exploration company with a focus on precious and base metals . The
Company's flagship asset is the world-class Havieron gold-copper
deposit in the Paterson region of Western Australia, discovered by
Greatland and presently under development in Joint Venture with
Newcrest Mining Ltd.
Havieron is located approximately 45km east of Newcrest's Telfer
gold mine and, subject to positive decision to mine, will leverage
the existing infrastructure and processing plant to significantly
reduce the project's capital expenditure and carbon impact for a
low-cost pathway to development. An extensive growth drilling
programme is presently underway at Havieron with a maiden
Pre-Feasibility Study released on the South-East crescent on 12
October 2021. Construction of the box cut and decline to develop
the Havieron deposit commenced in February 2021.
Greatland has a proven track record of discovery and exploration
success. It is pursuing the next generation of tier-one mineral
deposits by applying advanced exploration techniques in
under-explored regions. The Company is focused on safe, low-risk
jurisdictions and is strategically positioned in the highly
prospective Paterson region. Greatland has a total six projects
across Australia with a focus on becoming a multi-commodity mining
company of significant scale.
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