Andrew Forrest's private mining vehicle, Wyloo Metals, has significantly increased its holding in ASX-listed Greatland Resources (ASX:GGP), spending $200 million to grow its stake to more than 18%.
Greatland operates the Telfer gold and copper mine in Western Australia and is developing the nearby Havieron deposit.
The shares were purchased from global gold giant Newmont (ASX:NEM), which is seeking to divest its remaining interest in the Telfer asset.
Wyloo's early investment in Greatland has proven highly lucrative, with the stake now valued at approximately $1.6 billion—generating paper gains exceeding $1 billion.
The success with Greatland has provided a counterbalance to Wyloo's $760 million acquisition of Mincor in 2023, whose Western Australian nickel operations remain mothballed.
At the time of reporting, Greatland Resources' share price was $13.49.