by –News Direct–
Greatland Gold managing director Shaun Day joined Proactive's Stephen Gunnion with details of a plan to de-risk the development of its Havieron gold-copper project located in Western Australia by temporarily pausing the project to manage the water extraction from an aquifer above the main orebody.
Day told Proactive the company has successfully navigated over two kilometres of decline, ramping towards the top of the ore body. This progress involved mining through three layers of aquifers, leading to the announcement about recalibrating the time required to water the lower contained aquifer.
The company intends to continue the decline route while focusing on ventilation development. This pivot prioritizes depressurization and dewatering of the lower contained aquifer to ensure safer mining conditions. Previously, the goal was to complete this phase and the feasibility study by June 2024. However, with the focus on risk management and safety, Day said the revised estimate is now the September quarter of 2024.
This decision, endorsed by their joint venture partner Newcrest, is seen as a mere "speed bump" in the larger scheme. Day also announced the world's leading gold miner, Newmont, will soon join the joint venture, further amplifying the project's potential. The company also plans to update the JORC mineral resource by the end of this year, followed by the completion of the ventilation system and feasibility study.
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View source version on newsdirect.com: https://newsdirect.com/news/greatland-gold-announces-plans-to-de-risk-havieron-development-by-managing-water-extraction-131186464
Greatland Gold PLC
COMTEX_442370009/2655/2023-10-24T08:18:12
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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