Greatland Gold has successfully completed the acquisition of a 70% stake in the world-class Havieron gold project it did not already own, as well as 100% of the Telfer mine, both located in the Paterson region of Australia, from Newmont Corporation.

Greatland Managing Director, Shaun Day called the acquisition a ‘watershed moment for Greatland’ as shares rose 3% on Wednesday.

The transaction, settled in a mixture of cash and shares in Greatland Gold, makes Newmont the largest shareholder in Greatland with a 20.4% stake, subject to a 12-month lock-in period and subsequent 12-month orderly market arrangement.

The Havieron project, now fully consolidated under Greatland’s control, represents a world-class gold-copper asset with a mineral resource estimate of 8.4 million ounces of gold equivalent.

According to independent reviews, the base case development scenario envisions a 2.8 million tonnes per annum mining operation producing an average of 258,000 ounces of gold equivalent annually over a 20-year mine life. The project is expected to operate at industry-leading costs, with all-in sustaining costs of US$818 per ounce in its first 15 years of steady-state production. Greatland plans to complete a Feasibility Study in the second half of 2025, which will examine potential throughput expansion opportunities.

The acquisition of the Telfer mine provides Greatland with an operational asset expected to generate immediate cash flow.

The mine benefits from approximately 11.5 million tonnes of run-of-mine ore stockpiles, significantly reducing initial production risks. An independent review projects production of 426,000 ounces of gold equivalent over 15 months at an all-in sustaining cost of US$1,454 per ounce. Notably, Greatland has secured the continued employment of 98% of Telfer’s workforce, with 435 employees accepting positions with the company.

“The closing of our acquisition today is a watershed moment for Greatland,” said Greatland Managing Director, Shaun Day.

“Greatland’s discovery of the world class Havieron orebody in 2018 established our platform for growth.  Returning to 100% ownership of Havieron now gives us the opportunity and control to deliver the project’s full potential.  We have a defined pathway for Havieron to become a low-cost long life gold-copper asset of significant scale.

“Telfer is an iconic Australian mine that immediately transforms Greatland into a significant producer of gold and copper, with a defined mine plan that is materially de-risked by substantial ore stockpiles, and significant mine life extension prospects. Telfer production is expected to generate significant free cash flow, which we expect will help to self-fund the completion of Havieron’s development.

“Combining Havieron and Telfer under our single ownership provides the opportunity to operate efficiently and deliver an exceptional platform for continued growth and a compelling opportunity to create value for our shareholders.”

The FTSE 100 soared on Tuesday in a broad rally driven by London’s heavyweight stocks including Shell, AstraZeneca, and HSBC.

Another record high for the S&P 500 overnight proved to be ample reason for equity bulls to buy into London’s blue chips on Tuesday, sending the index 0.9% higher to 8,388 and within touching distance of all-time record highs.

The FTSE 100 has flirted with the 8,400 level numerous times this year but has failed to break through the psychological level meaningfully, leaving all-time record highs at 8,445 just out of reach.

That said, the festive season may provide the conditions needed for London’s flagship index to do what US indices have done on many occasions this year and break to a fresh record.

A lack of macro influences on markets on Tuesday and the broad nature of the rally suggests investors are gearing up for a Santa’s rally by building positions in beaten-down large-cap shares before the end of the year. The gains on Tuesday likely reflect the actions of bargain hunters instead of out-and-out exuberance.

“The year is, effectively, done & dusted. Certainly, nobody is going to be making their year as Christmas approaches, but plenty would find it very easy to break it,” said Michael Brown Senior Research Strategist at Pepperstone.

“Consequently, liquidity tends to dry up and volumes thin out, as markets become a mix of position squaring as books are closed up, and portfolio window dressing as the dreaded task of writing year-end investment letters looms.”

BP and Shell were firmly bid as investors picked up the oil majors and locked in benchmark-beating yields after a prolonged period of poor performance.

AstraZeneca touched its highest level since the beginning of November as the pharma giant continued to rebound above 10,000p, having fallen from highs above 13,000p.

Easyjet was among the top risers after UBS and Barclays hiked their price targets for the airliner. UBS had the most ambitious target of 845p compared to Easyjet’s current price of 566p.

Vistry was down 0.3%, and it looks increasingly likely that the housebuilder will be ejected from the FTSE 100.

Cadence Minerals shares soared on Tuesday after the company announced positive results from an updated Pre-Feasibility Study for its Amapá Iron Ore Project in northern Brazil, where it holds a 34.6% equity stake.

The study, incorporating a Direct Reduction grade flow sheet, reveals a substantial increase in the project’s post-tax Net Present Value (NPV10%) to US$1.97 billion, with an internal rate of return of 56%.

Cadence Minerals shares jumped over 20% in early trade on Tuesday as investors cheered the improved outlook for the company’s flagship asset.

The project is estimated to generate average annual free cash flow estimated at US$342 million from start-up through to closure.

Over its 15-year mine life, the Amapá Project is expected to deliver US$9 billion in gross revenues, US$4.9 billion in net operating profit, and US$4.6 billion in free cash flow.

The processing plant has been redesigned to produce high-grade iron ore concentrate at 67.5% Fe, with an average production rate of 5.5 million metric tonnes per annum.

The project demonstrates strong cost efficiency, with Free on Board C1 Cash Costs of US$33.7 per dry metric tonne at the port of Santana, and Cost and Freight C1 Cash Costs of US$61.9 per dry metric tonne in China.

The pre-production capital requirement is set at US$377 million, with an attractive payback period of just three years, shortened by the increased free cash flows.

“This significant update to the Amapá Prefeasibility Study, which includes the DR-grade concentrate flow sheet, reinforces our firm belief that the project can add substantial value to Cadence. The increased net present value of $1.97 billion and improved post-tax internal rate of return reflect significant advancements in the project’s robust economics,” said Cadence CEO Kiran Morzaria.

“The Amapá Project represents a well-developed and largely de-risked opportunity, featuring established mineral reserves, advanced environmental permitting, and complete control of integrated rail and port infrastructure. This ownership and control of the infrastructure contribute to the project’s low-cost base and will enable the pursuit of regional expansion opportunities, with substantial resources located within 30 kilometres of the existing rail line. In addition to the DR-grade flow sheet, the project will use 100% renewable energy sources. We anticipate this will help us achieve one of the lowest carbon footprints in the region while still delivering a robust and highly profitable project.”