Larvotto joins antimony ranks as Hillgrove springs back to life

AI desk brief

Larvotto has begun antimony and gold production at Hillgrove in Australia, turning a dormant asset into an operating mine that the company says will produce about 4,900 tonnes of antimony and 40,500 oz of gold per year over an initial eight-year life. The operation is positioned as one of the largest antimony sources outside China, with Larvotto claiming it will meet roughly 7% of global antimony demand and more than half of non-China supply.

For gold, the immediate takeaway is a modest new Australian production stream rather than a major global supply shock. The gold output is material at company level, but the bigger market story is the strategic-metals angle: antimony supply remains concentrated in China and Russia, and Larvotto says Hillgrove adds a Western source at a time governments are prioritizing supply security.

Price context is mixed. Antimony prices have fallen to less than half the May 2025 record above $59,000/t, so the project is coming on stream into a softer market, which may limit near-term investor enthusiasm. For gold traders, this is more of a micro supply update than a macro driver; the key watchpoints are whether Hillgrove ramps smoothly, whether antimony weakness persists, and whether the stock’s rerating on strategic-supply headlines continues.