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Trusted independent financial
advisor to the mining sector
2021: Advisor to
2021: Advisor to
2020: Advisor to

Diversified Minerals
Diversified Minerals
Cassini Resources
Geopacific Resources

Joint defence advisor in
Advised on the A$20m sale
Advised on the US$100m

financing (Loan and Stream)
of the Henty gold mine in
of the Dargues gold mine in
relation to the A$76m

for the greenfield Woodlark
Tasmania to Catalyst Metals.
NSW to Aurelia.
takeover by OZ Minerals.

gold project.

2018: Advisor to
2018: Advisor to

2016: Advisor to
2017: Advisor to
Explaurum Limited

Stanmore Coal
PanAust
OZ Minerals
Defence advisor in relation to
Advised on the US$90m

Advised on the financing
the unsolicited A$89m
refinancing of the Ban
acquisition of the Wotonga

strategy for the greenfield
takeover by Ramelius
South Project from
Houayxai and Phu Kam
development of the

Resources.
copper-gold mines in Laos.
Carrapateena copper-gold
Peabody Energy.
mine in SA.
neWs Advised on the A$30m 2020: Joint Advisor to Advised on the A$200m sale
A great result
for Havieron T +61 2 9133 9000 | www.icapartners.com.au
reatland Gold plc is destined to be- no drilling completed after February this recently identified Eastern Breccia. This
Gcome the second lowest-cost gold year incorporated into the study findings. growth drilling creates the opportunity
producer in the world after confirming a “The study covers just a small fraction to potentially apply bulk mining methods
compelling set of preliminary econom- of the resource and the broader mineral- to the balance of the Havieron breccia
ics for its Havieron discovery in Western ised breccia system, but is a tremendous system to complement the mining of the
Australia’s Paterson province. first step towards creating a mine and un- South East Crescent.”
In conjunction with JV partner and Tel- locking our understanding and the value Development of Havieron is already
fer operator Newcrest Mining Ltd, Great- of Havieron,” Day said. well under way, with construction of the
land released a PFS last month which “The investment proposition of Great- box cut beginning in February, followed
forecast production of 1.43 moz gold and land is compelling, with Havieron con- by the start of the underground decline
62,000t copper over a nine-year mine life firmed as a world-class orebody, being in May.
at Havieron for a remarkably low AISC of developed with a Tier-1 partner in New- Greatland and Newcrest are planning
just $990/oz ($US643/oz) with the high crest and all within a Tier-1 mining juris- to complete a full feasibility inside the
likelihood of further reductions to the es- diction of WA. next 12 months. First ore remains on
timated cost base. “The Stage 1 study indicates a very track for Q3 2023 with the maiden gold-
The maiden study on Havieron – ear- modest capex hurdle for Greatland and copper parcel to be delivered before the
marked as the saviour for the nearby Tel- thereafter the generation of cash flow. end of that year.
fer mine some 45km to the west – also This provides the opportunity for Great- The first production milestone will trig-
indicated Greatland’s share of the pro- land to reinvest this cash flow into Havi- ger Newcrest’s entitlement to a cumula-
posed $US529 million capex would be eron such that the company can self- tive 70% interest in the project.
just $US73 million, based on its current fund the full potential of Havieron. This Newcrest chief executive Sandeep
JV terms with Newcrest. capital profile is ideal for Greatland as a Biswas also expressed his delight with
An initial reserve of 14mt @ 3.72 g/t mid-cap miner. the results contained in the Havieron
gold and 0.54% copper (4.58 g/t gold “The quality of Havieron is observable PFS.
equivalent) for 1.6 moz gold and 73,000t in the AISC of just $US643/oz. This out- “It is an incredible achievement that,
copper was also revealed alongside the come will propel Greatland to the second within two years of starting the Havieron
PFS, which is only focused on the devel- lowest cost producer globally, with this drilling programme, we have been able to
opment of the South East Crescent ore- low-cost structure driving a high-margin, deliver this significant project milestone
body at Havieron. An inferred resource high IRR and fast payback development. and demonstrate financial returns that
of 37mt was not included in the study. “Notwithstanding the tremendous comfortably exceed our hurdle rate, even
Some 17% of the estimated revenues outcome of this Stage 1 study, the op- in this first stage,” Biswas said.
will be generated from the copper pro- portunity at Havieron remains ahead of “We believe that this is just the first
duction. us. A further 90,000m of growth drilling stage of a bright and profitable future for
Greatland chief executive Shaun Day is planned to June 2022, to better un- Havieron. Notably, the study assumes
said the results of PFS marked a “point derstand the extent of the South East that Havieron is the sole ore feed for the
in time” for Havieron’s development, with Crescent, the Northern Breccia and the Telfer plant and does not assume any
Trusted independent financial
advisor to the mining sector

Page 6 NOVeMBeR 2021 aUSTRaLIa’S PaYDIRT

2021: Advisor to 2021: Advisor to 2020: Joint Advisor to 2020: Advisor to 2019: Advisor to
Geopacific Resources Diversified Minerals Cassini Resources Diversified Minerals Diversified Minerals
Advised on the US$100m Advised on the A$20m sale Joint defence advisor in Advised on the A$200m sale Advised on the A$100m
financing (Loan and Stream) of the Henty gold mine in relation to the A$76m of the Dargues gold mine in financing (Loan and
for the greenfield Woodlark Tasmania to Catalyst Metals. takeover by OZ Minerals. NSW to Aurelia. Royalty) for the greenfield
gold project. development of the Dargues
gold mine in NSW.

2018: Advisor to 2018: Advisor to 2017: Advisor to 2016: Advisor to 2014: Advisor to
Explaurum Limited Stanmore Coal OZ Minerals PanAust Discovery Metals
Defence advisor in relation to Advised on the A$30m Advised on the financing Advised on the US$90m Advised in relation to the
the unsolicited A$89m acquisition of the Wotonga strategy for the greenfield refinancing of the Ban recapitalisation options and
takeover by Ramelius South Project from development of the Houayxai and Phu Kam sale to Cupric Canyon.
Resources. Peabody Energy. Carrapateena copper-gold copper-gold mines in Laos.
mine in SA.

T +61 2 9133 9000 | www.icapartners.com.au