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COVER

“You will always have strengths and weaknesses in any Newcrest will spend about $US214 million on developing
agreement, but I think when you take a step back and Havieron before Greatland is required to contribute to the
look at that high-level outcome, which is to have a Tier-1 JV. However, Day insists his company will be anything but a
organisation in Newcrest, with 35 years’ experience in the silent partner in the interim.
Paterson and an existing infrastructure platform there in Greatland recently beefed up its geology and mining
Telfer, the pathway to production for Havieron is low risk, engineering capabilities to ensure it can, as Day describes,
low capex. “understand, contribute and indeed scrutinise” the complete
“It’s easily forgotten there are about 1,200 people working up structure of JV for the benefits of company shareholders.
at Telfer and I think it would be a real challenge to go out and “In addition to that, we’re obviously very active around the
recruit 1,200 people today in this market.” regional exploration footprint, both on our ground and the JV
Newcrest recently committed $US180 million towards ground with Newcrest,” he says.
extending the mine life at Telfer, largely to avoid having a Despite the hype around a new find in a largely untapped
gap in production before that orebody is entirely depleted mineral province, investors never really jumped on the
and Havieron comes onstream. Greatland bandwagon until the onset of the COVID-19
“In terms of the weight of money, it gives us some insight as pandemic. Over the nine months from April to December
to the quality of the orebody that Newcrest sees,” Day says. last year, the company’s stock soared some 1,000% but has
“Again, I think it reflects the strengths of combining Greatland gradually tailed off through 2021, more or less in line with the
with a global major. It talks to the quality of the orebody, the declining gold price.
fact that Newcrest is so focused on this asset. I think we’re From Day’s perspective, there is also an element of the
setting ourselves up for a lifetime of success at Havieron.” market not quite grasping the significance of Havieron to
“ There’s a really strong and is located directly north-west of Havieron
Scallywag is one of the regional projects in Greatland’s portfolio

mutual respect between
the exploration teams...I know
we’ve certainly benefited from

having access to their technical
expertise and their 35 years’
experience in the Paterson.

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