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GGP· A High-Leverage Bet on Gold and Execution
I can’t believe how inaccurate and out of date this site is—and people rely on it. Greatland owns two mines: the *.2moz Au equiv Havieron Project (in development) and the Telfer gold mine, which has an ~8Moz resource. Combined, the two projects boast over 14.5Moz of gold resources, feeding into Telfer’s massive ~23Mt (20Mt nameplate) processing hub. This operation once produced around 650koz of gold per annum but was starved of investment and capex by Newcrest, the previous owner as they chased projects elsewhere in the world. Greatland is more profitable than most gold operations. It’s a relatively low-grade system (~0.6–0.7 g/t), but it’s a high-margin bulk operation—and there is still 100km of a 240km drill programme underway. That makes it the third-largest gold mill in Australia, after Newmont’s Cadia and Boddington operations. Most Wall Street analysts covering Greatland appear to be pretty clueless—they need to do more research. When Havieron comes online, AISC at Telfer should fall dramatically due to the higher-grade feedstock. Telfer was projected to run out of gold within a year when acquired by GGP, but today it boasts over 8Moz of resource and a multi-decade mine life. The company has no debt, no hedges (put options in place protect from POG downside) and A$1.2bn cash in the bank
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