As part of its plans to gain an ASX cross-listing by the June 2025 quarter, Greatland Gold is seeking to raise $50 million via an initial public offering (IPO).
In December 2024, Greatland officially acquired the Telfer gold mine in Western Australia from Newmont. The company also gained full ownership over the nearby Havieron gold-copper project.
The $US475 million deal empowered Greatland, a UK-based miner, to create a world-class mining and processing hub in the up-and-coming Paterson Range province in WA.
Now, Greatland has launched its $50 million IPO to introduce its shares to the ASX and AIM, a submarket of the London Stock Exchange, to gain a dual listing.
The company hopes a cross-listing will “simplify its Australian operations, allowing for greater flexibility to pursue growth initiatives such as farm-ins and joint ventures”.
As reported by The Australian Financial Review, more than 66.7 million Greatland securities will be available for purchase via the IPO, with the proceeds to go towards funding general working capital for Telfer, Havieron and other Paterson tenements Greatland acquired from Newmont.
Newmont, Greatland’s largest shareholder, is reportedly weighing up whether to sell part of its 20.4 per cent stake, which is estimated to be worth about $700 million.
Wyloo also owns about 8.6 per cent of Greatland via a $120 million investment made in September 2022. The Andrew Forrest owned company has the first right of refusal over any sell down out of Newmont’s stake. It could also acquire half of Newmont’s interest.
As per the corporate reorganisation Greatland announced in April, Greatland Gold is expected to sit under new Australian parent company, Greatland Resources, which is expected to list on the ASX on June 24.
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