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Heavy Minerals Limited (ASX:HVY)

ALERT: Price-sensitive ASX Announcement for HVY
Current share price for HVY : $0.425 -0.12 (-22.02%)+
Announcement
Release
27 Jan 2026 9:54AM
Price at Release
$0.545
Full Release
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Summary
Hillgrove Resources Limited has signed a Binding Tailings Processing Agreement with Heavy Minerals Limited for garnet extraction and sale from the Kanmantoo process tailings and Tailings Storage Facility in South Australia. The agreement includes income generation through Gross Revenue Payments to Hillgrove, the extension of the Tailings Storage Facility's operational life, and potential transfer of site rehabilitation responsibilities to Heavy Minerals post-mine closure. Under this agreement, Heavy Minerals will operate a garnet processing plant at Hillgrove's Kanmantoo Copper Mine, with production expected to reach up to 100,000 tonnes per annum. This initiative is seen as a strategic move to create value beyond copper production at Kanmantoo.
Key Points
  • Hillgrove signs an agreement with Heavy Minerals for garnet recovery.
  • Hillgrove to receive 15% Gross Revenue Payments during operations.
  • Heavy Minerals guarantees a minimum of $500,000 GRP annually.
  • Agreement includes a $50,000 initial payment and $150,000 at Final Investment Decision.
  • Garnet processing plant to be constructed at Kanmantoo Copper Mine.
  • Hillgrove's TSF operational life extended.
  • Potential for Heavy Minerals to take over rehabilitation obligations.
  • Anticipated production of up to 100,000 tonnes of garnet per annum.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.