Black Swan Gold Plant Faces Key Investment Decision Amid Resource and Approval Challenges
Horizon Minerals is progressing its Pre-Feasibility Study to convert the Black Swan plant to gold production, aiming for a 1.5Mtpa throughput and a Financial Investment Decision by early 2026.
- GRES finalising refurbishment and new gold CIL processing design
- Preferred comminution circuit combines single stage crushing, SAG and ball mill
- Mining Plus completes scoping on 24 deposits; detailed PFS underway on priority ore sources
- Burbanks deposit shows potential but requires further drilling and metallurgical work
- PFS on track for December 2025 completion, targeting construction in 2026
Refurbishing Black Swan for Gold Production
Horizon Minerals Limited (ASX – HRZ) has provided a comprehensive update on its Pre-Feasibility Study (PFS) to refurbish and repurpose the Black Swan processing plant, located near Kalgoorlie-Boulder in Western Australia. The study, led by GR Engineering Services Limited (GRES), is nearing completion and focuses on converting the existing nickel processing infrastructure into a dedicated gold Carbon in Leach (CIL) facility with a targeted throughput of 1.5 million tonnes per annum (Mtpa).
The refurbishment plan retains the existing comminution circuit, integrating a new gold recovery circuit designed to handle the lower hardness gold ores compared to the original nickel ores. GRES has evaluated multiple comminution options, ultimately favouring a configuration combining single stage crushing with SAG and ball milling, which offers operational flexibility and scalability for future throughput increases.
Mining and Infrastructure Progress
Mining Plus has completed high-level scoping studies on 24 open pit and underground deposits within the region to identify potential ore feed sources for Black Swan. Detailed PFS work is now underway on prioritised deposits to support a minimum five-year mine life. Among these, the Burbanks deposit stands out as a cornerstone asset with significant upside potential, although it currently requires additional drilling and metallurgical studies to upgrade resource confidence and support mine planning.
Infrastructure studies are progressing in parallel, covering power, water, accommodation, and civil works needed to support a hub-and-spoke processing model. Environmental and permitting approvals continue to advance, ensuring regulatory compliance ahead of potential construction.
Strategic Outlook and Next Steps
Horizon’s Managing Director and CEO, Grant Haywood, emphasised the importance of the PFS in Horizon’s growth strategy to become an independent mid-tier gold producer. The company expects to complete the combined PFS by the December 2025 quarter, after which a Financial Investment Decision (FID) on the Black Swan refurbishment will be made. Subject to a positive FID, construction could commence in 2026, marking a significant milestone in Horizon’s development pathway.
The separation of the existing nickel flotation circuit from the new gold plant design allows for operational simplicity and future flexibility, enabling upgrades without disrupting gold processing. This strategic approach reflects Horizon’s commitment to robust technical and economic analysis underpinning its project development.
Overall, the PFS update signals a well-advanced project with clear milestones and a growing resource base, positioning Horizon Minerals to capitalise on Western Australia’s prolific goldfields.
Bottom Line?
With the PFS on track, Horizon is poised to make a pivotal investment decision that could reshape its future as a mid-tier gold producer.
Questions in the middle?
- Will the final PFS confirm the economic viability and capital requirements for the Black Swan gold plant conversion?
- How will additional drilling at Burbanks impact resource classification and mine planning?
- What are the potential risks or delays in securing environmental and regulatory approvals ahead of construction?