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Horizon Minerals streamlines operations amid joint venture pause with FMR Investments

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Horizon Minerals Limited has announced a restructuring of its operations following the pause of its joint venture with FMR Investments Pty Ltd due to internal issues at FMR. Despite this development, FMR has committed to processing 200,000 tonnes of material for Horizon at the Greenfields processing plant in 2024.

The company also reported progress on the Cannon mine development, with clearing works completed and construction of a dewatering pipeline underway. Horizon is in discussions with potential new partners to mine various gold deposits, including Cannon, and expects to provide an update in March 2024.

Since June 2022, Horizon has taken significant steps to reduce costs, including cutting its workforce from 17 to 10 employees, resulting in annual savings of over $1 million. Additionally, since July 2023, the company has been monetizing non-core assets, which has further reduced costs by $750,000.

Despite the challenges faced due to the joint venture’s pause, Horizon remains financially healthy. The company reported having $7.0 million in cash reserves, approximately $7.8 million in listed investments, and $3 million in Vox shares pending issue. These measures are part of Horizon’s strategy to streamline its operations and maintain robust financial health as it navigates through changes in partnership and continues its mining activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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