Minerals 260 Plots $180M Pre-FID Spend at Bullabulling Gold

Minerals 260, the Tim Goyder-chaired gold developer, plans to spend $180 million on its Bullabulling project in Western Australia before reaching a final investment decision, the company said. The spend covers feasibility studies and early construction works. The company is pushing towards a restart of the past-producing mine, which has been on care and maintenance since 2015.

Gold's rally above $2,300 an ounce has improved the economics for restarting old mines. The pre-FID outlay signals confidence in the project's viability, the company said. Minerals 260 has not set a timeline for the FID. It is funded for the pre-FID phase, it added.

The Bullabulling project sits in the Goldfields region, a historic mining district. Goyder, who also chairs Chalice Mining, has a track record of advancing gold assets. The $180 million spend is a material commitment for a project that has yet to receive board sanction. Investors will watch for the feasibility study results and any update on permitting timelines as the next catalysts.