The final investment decision (FID) for Brightstar Resources’ Goldfields project in Western Australia has been granted, paving the door for the full-scale building of its new Laverton processing plant, which will produce 1.5 million tonnes annually.
The approval comes after final regulatory approvals, such as a Part V Works Approval from the Department of Water and Environmental Regulation and a Mining Development and Closure Proposal approval from the Department of Mines, Petroleum, and Exploration.
Additionally, Brightstar and GR Engineering Services Limited have signed a $110 million engineering, procurement, and construction contract; early work, site cleanup, detailed engineering, and long-lead item procurement are currently under progress.
According to Alex Rovira, managing director of Brightstar, the FID was a “landmark moment” for the business.
“We are immediately moving into full construction of the 1.5Mtpa Laverton processing plant with all important approvals now secured, funding in place, and the EPC contract executed with GR Engineering,” Rovira stated.
“It represents the first significant step in our TARGET200 strategy to develop a multi-asset Western Australian gold producer and further our goal of ranking among the top 10 Australian gold producers.”
Over the course of its first six-year mine life, the Goldfields project is anticipated to produce about 75,000 ounces of gold annually. Brightstar has highlighted possible mine life extensions across its larger Goldfields portfolio.
The project has a pre-tax net present value of $606 million, a 74% internal rate of return, and an estimated $1 billion in free cash flow at a gold price of $6000 per ounce.
According to Brightstar, its recently concluded $193 million stock raise and $US120 million bond financing package have fully supported the development.
While stopping at the Fish underground mine is anticipated to resume in early 2027, mining at the Lord Byron open pit is planned to start later in 2026 prior to mill commissioning in the June quarter of 2027.
