RE: Article from The West Australian today14 Apr 2025 14:33
Greatland Gold douses hopes of blockbuster initial public offer as Telfer’s new owner readies to trade on ASX
Forrest empire-backed Greatland Gold is getting organised for an Australian Securities Exchange debut by late June.
In the latest burst of corporate activity in a roaring gold market, Greatland let its London Stock Exchange investors know on Friday the process to cross-list on the ASX had begun.
Joining the ASX has long been on the cards for Greatland, which recently took control of the famed Telfer gold mine in the Pilbara from gold behemoth Newmont in December last year.
About 435 Telfer employees — nearly 100 per cent of the workforce — joined Greatland as part of the change of ownership.
An update posted to the London Stock Exchange revealed Greatland would be restructuring the business so all its entities sit under an Australian parent company named Greatland Resources.
The company said the ASX was a “natural listing venue” for mining companies, and the move would attract more institutional investors and make it easier to undertake any further mergers and acquisitions.
“The acquisition of Telfer and Havieron, completed in December 2024, immediately transformed Greatland Gold into a leading Australian gold and copper producer,” managing director Shaun Day said.
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“This is an excellent time to undertake the re-organisation and listing on the ASX, the world’s premier stock exchange for metals and mining companies.”
According to the Australian Financial Review, Greatland has brought on three brokers, Barrenjoey Capital Partners, Canaccord Genuity and Bank of America as part of the process.
At this stage Greatland is still mulling whether there will be any new shares issued as part of the ASX listing.
“The company is considering the merits of a modest offering of new shares in Greatland Resources to assist in creating interest and a liquid market for its shares on ASX,” the company said.
Should it decide to do so, it would be “no more than 2.5 per cent” in Greatland and would only be available to select investors.
Greatland has said there would be “no general offer to the public in Australia” dousing any hopes of a blockbuster initial public offer.
Based on an indicative timeline provided by Greatland a prospectus will be lodged by late May and be admitted to the ASX on June 23.
Newmont, Andrew and Nicola Forrest’s Wyloo Metals, and mining-focused private equity outfit Tembo Capital Holdings Guernsey own about 25 per cent of Greatland between them.
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