Transcription of The Stock Network Interview with Larvotto Resources (ASX:LRV) Managing Director, Ron Heeks
Lel Smits: Larvotto Resources is an Australian resource company focused on the development of its dual commodity, Hillgrove Gold and Antimony project in New South Wales. The miner is on the verge of becoming a world-leading antimony producer, the largest resource and reserve of antimony in Australia and the eighth largest in the world. Ahead of appearing at Sydney Mining Club, Larvotto Resources Managing Director Ron Heeks joins me to discuss more on The Stock Network. Ron, welcome to TSN.
Ron Heeks: Great to be here, look forward to talking.
Lel Smits: Now, Hillgrove is Australia’s largest antimony deposit and the eighth biggest in the world. Can you tell us about the importance of antimony in the global modern day economy and also the significance of Hillgrove?
Ron Heeks: Well, antimony has really reached the ultimate on the critical minerals list. It’s so far above the others that it doesn’t matter. There’s an acute world shortage in part created by China stopping the export of the material because they actually need it all themselves.
It’s now playing a crucial role in the usual things that it was, which was hardening lead, particularly in batteries and things like that, fire retardants, but the biggest increase in use by far now is solar panels. But there’s also extensive military uses as well. So it really is in demand.
There’s a 40,000 tonne shortfall, we will supply 7% of the world’s antimony. And so we’ve hit a critical spot where we have what nobody else on the planet has, and nobody else can bring online for many years. It’s a unique position to be in at all time record prices.
Lel Smits: Absolutely. It certainly surged over last year. And last year, you also reported the results from a pre feasibility study, which showed robust economics for developing Hillgrove. Also, more recently, you raised $30 million to advance the project. What key works are you allocating the funds towards and what are your upcoming milestones?
Most of that funds has been allocated towards exploration. So we have three rigs on site at the moment. There’s another one coming on very soon, and another one in about another month or so. That’s the main driver. We’re also finishing our definitive feasibility study, which is nearing completion.
And we’ve got some of the fundamental reports for that in now. So we’ll be starting to compile that in the near term. We’re fully into project financing discussions, as well, and building up the site team and the office team here.
So there really is a spectacular amount of work going on at the moment. It’s very unusual to take a company from, we were at five people 12 months ago, and I think we’re passing through 70 at the moment. And that’s because of the unique thing of having a mind that has pretty well everything we need there and in a position to bring it online very, very quickly.
Lel Smits: It’s incredible progress you’ve made certainly working with an incredible commodity. I look forward to hearing more in person at the Sydney Mining Club.
Ron Heeks: Thank you.
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