Greatland Gold down after Berenberg cuts to 'hold'

Greatland Gold

22/10/2024 09:43

** Shares of UK's Greatland Gold  GGPL.L  down 4.4% at 6.3p 
    ** Berenberg cuts rating of the mining development and
exploration co to "hold" from "buy"
    ** Brokerage has concerns on how GGPL will fund the Haverion
project
    ** Newmont Corp  NEM.N  to divest its 70% stake in the
Havieron gold-copper project in Western Australia to GGPL
    ** GGPL already owns 30% stake 
    ** However, Berenberg adds if the deal closes in Q4, GGPL
will generate immediate cash flow, which will provide the
necessary funds to develop their Haverion project
    ** Up to Monday's close, stock had fallen ~34% YTD 

 (Reporting by Joel Jose in Bengaluru)
 ((joeljose@thomsonreuters.com))