Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Greatland Gold (AIM: GGP) announced that work has started at the Havieron gold-copper project in Western Australia’s Paterson region, its joint venture with giant Newcrest Mining (ASX: NCM).
Following the receipt of the necessary regulatory approvals to commence construction activities, early works were launched by Newcrest, which operates and manages the JV. Earlier this month, Newcrest’s board of directors approved a construction spend of A$146 million (about $112m).
Work is ongoing to finalize the water management plan for the early works program and to progress further approvals and permits
According to Greatland, work is ongoing to finalize the water management plan for the early works program and to progress further approvals and permits which will be required to begin the development of any operating underground mine and associated infrastructure.
“Earthmoving activities to prepare for the construction of the box cut and decline have begun and we will continue to update shareholders as work progresses,” Gervaise Heddle, Greatland Gold’s CEO, said in a media statement.
“In addition, we look forward to advancing the 2021 growth drilling program at Havieron, where mineralisation remains open in multiple directions outside of the initial inferred mineral resource estimate.”
In December 2020, Greatland published a maiden mineral resource for Havieron, showing the asset potentially holds 4.2 million ounces of extractable gold, with an initial inferred resource estimated at 3.4 million ounces. The bulk is located on the South East Crescent and adjacent Breccia and includes a portion of the Northern Breccia, Greatland said.
