As its acquisition of Poseidon Nickel nears completion, Horizon Minerals is on track to process its first ore from the Phillips Find gold project in Western Australia on time.
The first ore from Phillips Find is currently being hauled to the nearby Greenfields mill. The first ore parcel comprises 40,000 tonnes and is scheduled to commence processing next week. The processing is expected to take place over a two-week period.
The first ore will be treated by FMR Investments as per the toll milling agreement Horizon executed in May 2024.
“We are very pleased to be transporting our first ore from Phillips Find for treatment at the Greenfields mill,” Horizon managing director and chief executive officer Grant Haywood said.
“This marks another significant milestone in our journey to become a significant gold producer and demonstrates the team’s commitment to executing our strategy on schedule.
Mining is well advanced at Phillips Find, with 800,000 bank cubic metres mined from the Newminster and Newhaven open-pits to date. Horizon said haulage of the first stockpile is also underway, with first gold pours and revenue due shortly.
“We are now fully manned up and the team has been making good progress,” Haywood said.
“We look forward to the next phase as we advance towards first gold production from Phillips Find and continue generating value for our shareholders in this high gold price environment.”
Situated 45km northwest of Coolgardie, Phillips Find has a joint venture (JV) agreement in place between Horizon and mining specialists BML Ventures to develop and mine the Newminster and Newhaven open-pits.
As per the Phillips Find JV, initial revenue from gold sales will pay for working capital. Horizon and BML Ventures will then receive a 50:50 distribution of net cash after asset recovery and the repayment of development costs have been covered.
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