Greatland Gold targets $33M in ASX dual listing push
me-metals: Greatland Gold (LON: GGP) has launched its long-anticipated initial public offering, targeting up to A$50 million ($33m) as part of a dual listing on the Australian Securities Exchange and the London Stock Exchange’s AIM market.
According to me-metals cited from mining.com, The Western Australian gold and copper miner, backed by Newmont Corporation (NYSE: NEM) and Andrew Forrest’s Wyloo Metals, aims to broaden its investor base and accelerate development in the Paterson province. Bank of America, Barrenjoey and Canaccord Genuity are managing the IPO.
While the capital raise is relatively modest, it forms part of a sweeping A$339 million restructuring announced in April, designed to reposition the company. This includes a A$14 million retail offer in the UK and the establishment of a new Australian parent entity, Greatland Resources, which is slated to list on the ASX on June 24.
Over 66.7 million shares will be offered, with proceeds earmarked for working capital across Greatland’s flagship assets, which include Telfer, Havieron and nearby tenements acquired from Newmont last year. These assets are central to the company’s strategy to establish a large-scale mining and processing hub in the mineral-rich region.
Since taking control of Telfer, Greatland has delivered its strongest production performance in years. The company expects to produce between 196,000 and 210,000 ounces of gold in FY25, with all-in sustaining costs forecast between $2,100 and $2,250 per ounce. A short-term production target has been set at 280,000 to 320,000 ounces annually for the first two years, creating a runway to first ore at Havieron.
Newmont, Greatland’s largest shareholder with a 20.4% stake, is reportedly considering a partial sell-down. It remains unclear whether it will use the IPO to divest, or whether Wyloo, which holds a 8.6% interest through a A$120 million investment in 2022, will exercise its first right of refusal or increase its position. Wyloo also holds the option to acquire half of Newmont’s stake.
Greatland Gold is currently valued at £1.8 billion ($2.4 billion) on the London Stock Exchange.
source: mining.com
Related News
Top News
One last month
Four last month
Terra Metals, Metalex seal $100M deal to form copper-cobalt partnership in Zambia
Gold price rebounds to $3,300 as market digests court ruling on Trump tariffs
COMEX copper stocks exceed LME for first time since 2022
Glencore’s $22B assets shift sets stage for mining mega-merger
Glencore’s $22B assets shift sets stage for mining mega-merger
Trump to double steel, aluminum tariffs to aid Nippon-US Steel
Fortuna Mining buys 15% of Awalé Resources
Gold price drops 1% following Trump comments, inflation data
Flooded mine in Congo is latest threat to global copper supply
Allied Gold to list on NYSE
BHP-backed startup delivers first copper at Chile leaching plant
Anglo American plans $26M upgrade for Quellaveco mine
MTM Critical Metals reports high-grade antimony recovery from US e-waste
Mount Etna erupts, unleashing lava – and possibly hidden minerals
AngloGold sells Brazil’s Serra Grande mine to Aura for $76M
Gold price surges near one-month peak as geopolitical risks mount
Trump to double steel, aluminum tariffs to aid Nippon-US Steel
American Tungsten kicks off construction at Ima project in Idaho
California start-up launches next-generation magnesium production technology
Allied Gold to list on NYSE
BHP-backed startup delivers first copper at Chile leaching plant
Anglo American plans $26M upgrade for Quellaveco mine
MTM Critical Metals reports high-grade antimony recovery from US e-waste
Mount Etna erupts, unleashing lava – and possibly hidden minerals
AngloGold sells Brazil’s Serra Grande mine to Aura for $76M
Gold price surges near one-month peak as geopolitical risks mount
Trump to double steel, aluminum tariffs to aid Nippon-US Steel
American Tungsten kicks off construction at Ima project in Idaho