|
Greatland Resources Ltd on Thursday hailed its progress at the recently acquired Telfer mine, with it reporting a ‘strong foundation’ for the new financial year. The Western Australia focused gold and copper mining company reported pretax profit of A$424.9 million, about $276.6 million, for the financial year that ended June 30, swinging from a A$28.5 million loss a year earlier. Driving this advance was an improvement in revenue to A$957.4 million, up from nothing a year earlier, as its top line was supported by an average realised gold price of A$4,785 per ounce. These results reflect the first set of financial statements since Greatland’s acquisition of the Telfer gold-copper mine in December last year from Newmont Corp. Cost of sales were A$461.4 million, up from nothing the prior year. Greatland Resources reported no debt at June 30, swinging from debt of A$79.1 million a year earlier. Cash and cash equivalents surged to A$574.7 million from A$9.2 million. The company said it is has ‘significant liquidity available’. It did not propose a dividend in respect of the full year. Looking ahead, Greatland said it has set a strong foundation for financial 2026 across both Telfer and Havieron. It added that it intends to finalise debt financing arrangements for the development of the Havieron project following completion of the feasibility study targeted ‘in the December 2025 quarter.’ Shares in Greatland Resources fell 2.3% to 265.00 pence on Thursday morning in London. In Sydney, they closed down 2.5% at A$5.45. ‘Producing such a strong set of financial results from the first seven months of ownership of Telfer is a great credit to the significant efforts of our team. Our focus continues to be on the delivery of our FY2026 operational plan and progressing the growth opportunities at Haverion and Telfer,’ said Managing Director Shaun Day. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
