RE: Sprott Research Note on NEM/GGP23 Feb 2024 07:17
“ Who’s in line for Telfer?
Nearly every gold boss in the country will be tapped on the shoulder and asked in the shady corridors of West Perth who wants to make an offer on Telfer and — the larger prize — its adjacent Havieron discovery in the Paterson Province of central WA.
The mine has been operating for decades but it’s the underground discovery of gold and copper and Havieron — expected to produce in the order of 160,000oz gold per year for nine years once in production — that has eyes turned to the asset.
Operated by Newmont in a 70-30 JV with London-listed and Andrew Forrest backed Greatland Gold, the obvious suitor is its junior JV partner.
Newmont’s latest resource update has given Haverion an inventory of 47.4Mt of indicated resources at 2.65g/t gold and 0.34% copper for 4Moz of gold and 161,000t copper.
Another 900,000oz of gold and 26,000t of copper is contained in inferred resources.
Greatland’s outlook is more bullish, with the junior reporting its own resources against the backdrop of a disagreement with Newcrest on the total value of Havieron amid bartering over an 5% stake from either side.
Greatland estimates Havieron contains 50Mt of indicated resources at 2.6g/t gold and 0.33% copper for 4.1Moz gold and 168,000t copper, with a further 2.9Moz of gold and 107,000t copper inferred.
In March 2022 it issued an ore reserve of 25Mt at 3g/t gold and 0.44% copper for 2.4Moz Au and 109,000t Cu.
While Evolution Mining (ASX:EVN) and Northern Star (ASX:NST) have been floated as potential acquirers of assets falling out of the Newmont stable, both were demure about the prospect of picking up Telfer when asked at Diggers last year.”
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