Join our daily newsletter At The Bell to receive exclusive market insights
Horizon Minerals (ASX:HRZ) is accelerating development of the Black Swan Processing Hub near Kalgoorlie with the early placement of orders for long lead items. Key items ordered include the pre-leach thickener and SAG and ball mill motors.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Horizon’s managing director, Grant Haywood, today explained to shareholders that the decision was made to place the orders prior to the completion of front-end engineering design (FEED) studies to help fast-track BSHP development. FEED is on target to be completed next month.
Mr Haywood also said the decision to order key long lead items would ensure the timely conversion of the BSPH to gold processing.
“The early commitment to these critical items materially de-risks the construction schedule and supports the transformation of BSPH into a strategic 2.2M tonnes per annum gold processing facility in the Kalgoorlie Goldfields,” he explained.
Mr Haywood said a number of key work programs are set to commence at the BSPH, alongside operational readiness activities for the initial ore feed sources, including Boorara, Burbanks, and Cannon.
Horizon attracted significant support in mid-February when it received firm commitments to raise $175 million to help fund its Black Swan plans.
The funds raised are being applied to the BSPH refurbishment and gold processing conversion, site infrastructure, open pit and underground pre-production, exploration and geology, pre-production operating costs, contingency, and working capital.
The raising is being undertaken via two tranche underwritten placement. Horizon is also conducting a share purchase plan targeted to raise up to an additional $10M.
“The raising represents an important juncture for the company as we are now positioned to fund the development of the Black Swan Processing Hub and create a strategically valuable regional gold processing facility to create value for shareholders from our 1.9 million ounce resource,” Mr Haywood said.
HRZ is steady at $1.09. Mkt cap $279.4M.
Join the discussion: See what HotCopper users are saying about Horizon Minerals Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
