Andrew Forrest-back Greatland Gold confirms Telfer talks with Newmont
Andrew Forrest-back Greatland Gold has confirmed it is in advanced talks to buy Newmont’s ageing Telfer gold mine in the Pilbara, and pick up a key stake in the much-hyped Havieron gold and copper prospect.
But it has warned any sale — which could be worth up to $500 million — would be conditional on Newmont first completing ongoing remediation works on Telfer’s tailings storage facility.
Greatland said as a cornerstone shareholder, Mr Forrest’s private Wyloo Consolidated Investments was intending to provide “material support” for the potential acquisition.
It said talks were advanced and it had entered into a binding exclusivity agreement with Newmont to finalise a deal.
“The proposed terms … remain confidential, however Greatland notes that the proposed consideration includes a mix of upfront cash, deferred payments and equity,” it said/
“Settlement of the potential acquisition is proposed to be conditional on completion by Newmont of ongoing remediation works in respect of the Telfer tailings storage facility.”
More to come
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