Larvotto Resources managing director Ron Heeks said: “Partnering with MACA-Interquip-Mintrex is a critical step in ensuring the Hillgrove upgrade is delivered correctly, safely and on time. The construction program will carry us through to mid-2026, culminating in commissioning and the restart of production.”
Heeks said Hillgrove is on course to re-emerge as a strategic supplier of antimony and gold, which are both currently trading at record prices.
The company nabbed the project from the hands of administrators for peanuts back in December 2023, picking it up for a song at $8 million, which included $5 million to replace a NSW environmental bond. An estimated $200 million was ploughed into the project during its life prior to Larvotto’s canny acquisition.
Hillgrove is Australia’s largest antimony deposit and ranked in the top 10 globally.
China shocked the metals markets when it started imposing export restrictions on various in-demand metals, such as antimony, in September 2024, citing national security concerns.
The United States is desperate for reliable western supplies of critical minerals, including antimony, which is used in many industrial applications such as defence, the semiconductor sector and green energy technologies.
Larvotto expects to pump out 40,500 ounces of gold and 4878 tonnes of antimony when production is fully motoring. This is equivalent to more than 80,000 gold ounces, based on an eight-year life-of-mine from underground and open-pit operations. The DFS projects an 11-month payback period, a phenomenal internal-rate-of-return of 102 per cent and a net present value of $694 million using an 8 per cent discount rate.
With its dual-commodity project, Hillgrove is uniquely positioned to become Australia’s leading antimony producer, while reaping heady financial rewards from gold’s enduring allure.
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