With first production drawing closer, Larvotto Resources has secured a binding gold concentrate offtake agreement with Glencore, adding to a series of development milestones at the Hillgrove project in New South Wales.
The agreement covers the sale of gold concentrate produced during the first seven years of mining at Hillgrove and, alongside Larvotto’s previously announced antimony concentrate offtake with Wogen Resources, establishes marketing pathways for the project’s two primary revenue streams ahead of first production.
“As we move closer to first production at Hillgrove, securing a globally recognised offtake partner for our gold concentrate is another important milestone in the transition from development to operations,” Larvotto managing director Ron Heeks said.
“As expected with the strength in the gold price, there was a high level of interest for the offtake during the tender process from all major commodity houses. Glencore’s global presence and established customers stood out as an ideal partner and we are looking forward to working together.”
The deal follows a competitive tender process involving multiple international commodity traders, with Glencore selected as the preferred partner. The company will manage logistics from the mine gate through to the final customer destination, providing Larvotto with access to established global precious metals markets.
Hillgrove is expected to produce around 15,000 dry metric tonnes of gold concentrate annually, with payments linked to London Bullion Market Association gold prices and adjusted for contained gold content.
“Having already partnered with Wogen for the antimony offtake from Hillgrove, we have now established the key offtake arrangements for the project’s concentrate products which creates certainty around revenue,” Heeks said.
“Metallurgical testwork continues for the potential production of a tungsten concentrate by-product from Hillgrove, with offtake discussions expected to progress as development activities advance.”
The company confirmed Hillgrove remains on schedule and budget, with commissioning and first production expected in August 2026.
