en.Wedoany.com Reported - Larvotto Resources, an Australian company, has announced the signing of an offtake agreement with Glencore to supply gold concentrate produced from its wholly-owned Hillgrove antimony-gold project in New South Wales, Australia.

The agreement covers the sale of gold concentrate for the first seven years following the commencement of production at the Hillgrove project, with an annual offtake volume of approximately 15,000 tonnes. Glencore will bear all logistics costs from the mine to the final customer destination.

This offtake agreement, together with the antimony concentrate offtake agreement with Wogen Resources, completes the marketing strategy for the primary concentrate products from Hillgrove.

Company Managing Director Ron Heeks stated that securing a globally recognized offtake partner is a significant milestone in transitioning the project from development to production. With gold prices strengthening, major commodity companies have shown strong interest in offtake during the bidding process.

Heeks also noted that metallurgical testing for the Hillgrove project's by-product tungsten concentrate is still progressing, and offtake negotiations are expected to commence as development activities advance.

Last year, the company reported a tungsten recovery rate of 90% and a 16-fold increase in head grade, indicating that a low-cost tungsten concentrate can be produced through a single efficient beneficiation process.

The Hillgrove project remains on schedule for production, with investment expected to exceed budget, and is anticipated to commence production in August this year.

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