18/03/2025 11:48:53
Larvotto Resources (ASX: LRV) has acquired Echidna Gully, an established accommodation and function center near its Hillgrove Antimony-Gold Project in New South Wales. This strategic acquisition, valued at $3 million cash and 771,109 Larvotto ordinary shares (valued at $600,000), aims to provide comfortable and convenient lodging for the mine’s growing workforce, particularly those not based in Armidale. The acquisition is projected to save the company millions of dollars and significant time, allowing for a sharper focus on commencing operations.
Echidna Gully’s proximity to the Hillgrove site will reduce commute times. The facility can house 95 people and includes self-contained kitchens and recreational areas. Larvotto is committed to housing the majority of its workforce in Armidale but views the facility as a critical component of operations as they move towards production targeted for early 2026.
The Hillgrove Antimony-Gold Project is poised to become Australia’s largest antimony deposit, expected to produce 7% of the global antimony supply. The timing coincides with record antimony and gold prices, driven by constrained supply due to geopolitical factors and increasing demand. China’s export restrictions on antimony are further tightening the global market.
Ron Heeks, Managing Director of Larvotto, emphasized that the acquisition is a crucial step in supporting the project’s workforce and ensuring access to accommodation close to the site. The development of the Hillgrove project is also expected to create significant employment opportunities for the people of Armidale and the wider regional NSW community, with Larvotto prioritizing local employment.