Greatland Gold investors were dealt a blow on Tuesday after the company said the Havieron feasibility study would be delayed until late 2024
Greatland Gold shares were down around 11% at the time of writing on Tuesday as investors reacted to the prospect of a long wait for a key milestone in the Havieron project’s development.
The delay is a result of paused decline development at the Havieron gold-copper project in Western Australia as further work around managing groundwater is completed.
The company is nearing a key milestone of reaching the lower confined aquifer (LCA) with its decline tunnel, which is now at over 2,000 meters. But Greatland wants more data on expected water volumes and management before intersecting the LCA, likely later this quarter.
Greatland said the temporary pause will allow them to boost confidence in handling LCA water volumes before restarting decline work. Other underground activities like ventilation development continue.
“Havieron is an outstanding orebody which has been developed on an expedited basis in parallel with finalisation of the Feasibility Study. Through this approach production can be brought forward to enhance the value of the asset. At the same time it is essential that we continue to set the project up for long-term success by optimising and de-risking the current development phase, while maintaining an accelerated pathway to production,” said Greatland Managing Director, Shaun Day.
“We view Newmont’s imminent involvement as our Havieron Joint Venture partner as a tremendous positive and look forward to working together to deliver the full potential of Havieron for all stakeholders.”