GGP has confirmed that the Havieron Feasibility Study will assess an expansion from 2.8mtpa to 4.0-4.5mtpa. The expansion would require the construction of an underground crusher and ore haulage system but could deliver material upside to production for the project. GGP also released a maiden reserve for Telfer and provided a two-year outlook, which was broadly in line with our expectations. We have incorporated an expansion at Havieron after the first three years of production, which offsets an expected decline in grade and sustains production above 300kozpa. The expansion case for Havieron drives material upgrades to our earnings forecasts for FY32 and beyond but will require additional capital investment in key infrastructure.
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