Greatland Resources has officially made its ASX debut, trading under the ‘GGP’ ticker.
The move has seen the company gain a dual listing on the ASX and the Alternative Investment Market, a submarket of the London Stock Exchange.
Greatland Resources has replaced Greatland Gold as the parent company of the overall Group, with its headquarters relocating from the UK to Australia.
As reported by The Australian Financial Review, Greatland Resources shares on the ASX jumped as high as 12 per cent to $7.40 after its initial public offering (IPO) raised $490 million at $6.60 per share.
Greatland Resources hopes its cross-listing will “simplify its Australian operations, allowing for greater flexibility to pursue growth initiatives such as farm-ins and joint ventures”.
“The ASX is the premier resources exchange globally, and is particularly good at understanding Australian mining assets,” Greatland Gold managing director Shaun Day said.
“Having that peer group is what we were missing in London. We have that now in Australia, and that allows us to trade on merit in comparison with other Australian gold operators.”
The ASX listing follows Greatland officially acquiring the Telfer gold mine in Western Australia from Newmont in December 2024. The company also gained full ownership over the nearby Havieron gold-copper project.
Through these acquisitions, Greatland hopes to create a world-class mining and processing hub in the up-and-coming Paterson Range province in WA.
Greatland’s major shareholders
Wyloo, an Andrew Forrest-owned company, owns about 8.6 per cent of Greatland Resources via a $120 million investment made in September 2022. It is estimated the interest is now worth $425 million.
By divesting Telfer and its 70 per cent stake in Havieron, Newmont gained a 20.4 per cent interest in Greatland Resources, which was estimated to be worth about $700 million.
Now, Newmont has sold half of its stake through the IPO for $440 million.
Wyloo has the first right of refusal over any sell down out of Newmont’s stake. It could also acquire half of the US gold giant’s interest.
If this right is exercised, Wyloo would become Greatland Resources’ largest shareholder with a stake worth more than 20 per cent.
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