Larvotto greenlights $140M NSW Hillgrove gold-antimony mine
The final investment decision (FID) followed the completion of a US$105 million (A$161 million) senior secured bond issue and a fresh $60 million equity raising.
Locking in FID 18 months after picking up Hillgrove from administrators for a bargain $8 million - including a $5 million environmental bond - is nothing short of remarkable. The textbook turnaround has arguably highlighted one of the savviest deals struck on the ASX in the past two years.
Larvotto says it has now opened the door to one of Australia's most strategically important critical minerals projects, putting the company in the rare position of becoming the only new source of antimony outside China for the next four years.
'Approving this FID represents a landmark moment in the development of Hillgrove.'
Larvotto Resources managing director Ron Heeks
Antimony is listed as a critical mineral around the globe and was thrust into the headlines a year ago after China - the world's biggest producer - announced it would no longer allow exports. The news sent the metal price through the roof, quadrupling to more than $75,000 a tonne.
Antimony is an essential element used in batteries, solar panels and military-grade applications. And the company's entry into the antimony market comes at a critical time, when western nations are scrambling to reduce their reliance on Chinese supply.
Larvotto Resources managing director Ron Heeks said: 'Approving this FID represents a landmark moment in the development of Hillgrove. The project is also set to provide the mining industry in New South Wales with a new producing operation. We are grateful for the incredible support the project has continually received in the state from the respective NSW Resources and Planning Departments.'
A definitive feasibility study released in May painted a blockbuster picture for Hillgrove, confirming it as a technically robust, high-margin powerhouse.
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ABC News
5 hours ago
- ABC News
'Perfect storm' points to US recession and RBA interest rate cut
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The Advertiser
8 hours ago
- The Advertiser
Bull market sends mining summit back to golden age
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In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. 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Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said. Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said. Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said.
Perth Now
9 hours ago
- Perth Now
Bull market sends mining summit back to golden age
Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said.
