Greatland Secures $500m Debt Facility and Approves Havieron Development
Greatland Resources has locked in a $500 million debt facility with major banks, boosting liquidity to over $1.7 billion as it commits to developing its Havieron gold-copper project.
- Executed $500m corporate debt facility with Tier 1 banks
- Net cash position exceeds $1.2 billion
- Board approves Final Investment Decision for Havieron
- Development to begin after secondary environmental approvals
- Potential to accelerate expansion capex to de-risk project
Major Debt Facility Strengthens Liquidity
Greatland Resources (ASX:GGP) has executed a $500 million corporate debt facility with a syndicate of Tier 1 lenders including ANZ, ING, HSBC, NAB, and Westpac. This agreement formalises terms previously announced in December 2025, notably without mandatory hedging requirements. The facility is split into three tranches: a $250 million 5-year revolving credit facility, a $225 million 7-year revolving credit facility, and a $25 million contingent instrument facility, of which $17.87 million is currently drawn.
With a net cash position of over $1.2 billion reported in March 2026, the combined liquidity available to Greatland exceeds $1.7 billion, assuming the final tranche closes as planned. This war chest positions the company strongly to fund its flagship Havieron project and general corporate needs.
Board Approves Havieron Final Investment Decision
Following the receipt of primary environmental approvals at both State and Federal levels, Greatland’s Board has given the green light to proceed with the Final Investment Decision (FID) for Havieron. Substantive development activities will commence once secondary environmental permits are secured. This step was anticipated in the company’s communications earlier this year.
The Havieron project, adjacent to Greatland’s 100% owned Telfer mine in Western Australia’s Paterson Province, is set to become a cornerstone asset. The feasibility study estimates pre-production capital expenditure at $1.065 billion, with an additional $673 million earmarked for expansion; largely expected to be self-funded through project cash flows. The company’s robust balance sheet also opens the door to accelerating expansion spending to reduce delivery risks and tighten schedules.
Project Funding and Development Outlook
Financial close has been achieved on the $250 million Facility A and the contingent instrument facility, while the $225 million Facility B is targeted for closure by the end of June 2026, contingent on the release of an updated Ore Reserve estimate for Telfer. This updated reserve is a critical milestone that will underpin the final tranche of the debt facility.
Greatland has retired its previous $75 million working capital facility and refinanced its $25 million contingent instrument facility under the new terms, streamlining its debt structure. The company’s Managing Director, Shaun Day, highlighted the significance of this development, describing Havieron as one of Australia’s premier gold-copper projects with the potential to underpin a multi-decade mining hub in the Paterson Province.
Bottom Line?
With substantial liquidity secured and the FID approved, Greatland is poised to advance Havieron, but the timing of secondary approvals and the closing of the final debt tranche will be pivotal to watch.
Questions in the middle?
- Will the updated Ore Reserve estimate for Telfer meet expectations to enable Facility B closure?
- How quickly can Greatland secure secondary environmental approvals to start full-scale development?
- Could accelerated expansion capex materially alter project timelines or funding needs?
