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    Larvotto–Glencore gold offtake: project economics and process notes for engineers

    June 10, 2026|

    Reviewed by Joe Ashwell

    Larvotto–Glencore gold offtake: project economics and process notes for engineers

    First reported on MINING.com

    30 Second Briefing

    Larvotto Resources has signed a seven-year mine-gate offtake agreement with Glencore for approximately 15,000 dry metric tonnes per year of gold concentrate from its 100%-owned Hillgrove antimony-gold project in New South Wales, with Glencore handling all logistics to end customers. Combined with an existing antimony concentrate offtake with Wogen Resources, the deal locks in marketing for Hillgrove’s primary concentrates ahead of first production, with plant commissioning targeted for August. Metallurgical testwork has reported 90% tungsten recovery and a 16-fold feed grade upgrade, supporting a simple, low-cost circuit for a potential tungsten by-product.

    Technical Brief

    • Offtake is explicitly mine-gate, shifting all downstream logistics and shipping risk to Glencore.
    • Gold concentrate supply is locked for the first seven years of Hillgrove’s commercial mining operations.
    • Antimony concentrate is already covered under a separate offtake with Wogen Resources, completing primary concentrate marketing.
    • Larvotto confirms Hillgrove’s development remains on time and budget, with commissioning scheduled for August.
    • Tungsten metallurgical testwork shows 90% recovery and 16× feed grade upgrade to a saleable concentrate.
    • Testwork indicates a simple, low-cost tungsten circuit, implying minimal additional plant complexity for by-product recovery.
    • The company’s market capitalisation stands at about A$690.3 million, framing funding capacity for ramp-up.
    • Strong tender interest from “all major commodity houses” suggests competitive terms for similar polymetallic projects.

    Our Take

    The Hillgrove antimony–gold project has appeared repeatedly in our recent coverage for tailings reprocessing and a rapid restart strategy, so securing a gold offtake with Glencore effectively underpins the commercial side of the ‘advanced critical minerals build’ flagged in the 22 March 2026 item.

    With Larvotto Resources reporting up to 95% antimony and 75% gold recoveries in May 2026 testwork at Hillgrove, a gold offtake deal may help justify further metallurgical optimisation to capture value from the polymetallic stream rather than treating gold as a secondary by‑product.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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