Further Phillips Find and Boorara processing on the Horizon
Horizon Minerals has finalised the processing of the first 37,000 tonnes (t) of ore from the Phillips Find joint venture (JV) it shares with mining specialists BML Ventures.
The processing was completed under the toll milling agreement Horizon signed with FMR Investment’s Greenfields Mill in May 2024, which concerned the processing of 200,000t from February to June 2025.
The first ore parcel from Phillips Find comprised 37,624 dry tonnes at 1.46 grams per tonne (g/t) for 1,675.3 ounces (oz) at an average price of $4728/oz. The parcel generated approximately $7.9 million for the Phillips Find JV.
This follows Phillips Find achieving its first gold bar in late February and hauling its first ore in early February.
Approximately 80,000t from Phillips Find and 80,000t from Boorara is expected to be processed at the Greenfields Mill in April and June, which will complete the toll processing agreement Horizon has with FMR.
“Following on from our first gold pour for Boorara in January, we have now built up significant ore stockpiles, with mining now in steady state operation and in a position for the continuous processing of ore and cashflow generation, which will continue well into 2026,” Horizon managing director and chief executive officer Grant Heywood said.
Due to the Newminster open pit having deeper ore than anticipated, additional mining time is required under the original mining schedule.
The additional timeframe required has pushed the milling schedule for the remaining 70,000t from Phillips Find to September–October 2025, which is beyond the current agreement with Greenfields Mill.
As a result, Horizon has executed a new toll milling agreement with Focus Minerals, which will see the remaining 70,000t from Phillips Find processed at the Three Mile Hill processing plant.
“We are also pleased to secure a new toll treatment agreement with Focus Minerals which aligns with the revised mining schedule at Phillips Find and allows us to increase our overall gold production from Boorara,” Heywood said.
Mining, haulage and processing is advancing at Boorara, with the mine operating at steady state ore production.
Boorara’s second ore parcel is currently being processed at Norton Gold Fields’ Paddington mill, with a third parcel in the process of being hauled.
“As gold production ramps up in the June quarter we expect to commence a steady cash build from our dual mining and haulage operations,” Heywood said.