MINING REFINING

Horizon Minerals set to be Australia’s newest gold producer

Mon July 29 2024

Horizon Minerals Ltd (ASX:HRZ) managing director and CEO Grant Haywood joins Jonathan Jackson in the Proactive studio to discuss the final investment decision (FID) for the Boorara Gold Project in Western Australia, marking the start of the project’s development and Horizon’s transition to a permanent gold producer. Contracts have been awarded to Hampton Transport Services Pty Ltd for mining and ore haulage, with payments deferred until the first gold sale.

Horizon will oversee the managerial and technical aspects of the project, having already staffed most key technical and management positions, including the site senior executive and quarry manager. Pre-production activities will begin in the first half of August, with mining operations ramping up in the following weeks.

Haywood highlighted the significance of the Boorara project, stating that it positions Horizon as the newest gold producer in Australia. Horizon is focused on creating a safe, efficient mining operation to generate cash flow and establish sustainable gold production. The project is fully permitted, with all approvals in place.

The project is also financially viable. Horizon has secured a binding ore sale agreement with Paddington Gold Pty Ltd, a subsidiary of Norton Gold Fields Ltd. Boorara has an independent ore reserve estimate of 1.24 million tonnes at 1.24 g/t gold, yielding 45,800 ounces of gold at a 92.5% recovery rate. At a gold price of A$3,600 per ounce, Horizon anticipates A$30 million in cash flow. Mining is expected to last 14 months, with ore processing taking an additional 19 months, targeting the first gold pour in October.

Source: https://www.proactiveinvestors.com.au/