AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Heavy Minerals targets 2027 for garnet production from flagship Australian assets
- Port Gregory and Red Hill projects show strong resource potential
- Market response aligns with global garnet demand outlook
In the evolving landscape of industrial minerals, garnet is gaining traction not just as a gemstone, but as a vital industrial material. Heavy Minerals (ASX:HVY) is one company pushing to harness this overlooked resource through its garnet-focused projects in Australia and Mozambique. With production targets set for 2027, the company is aligning itself with increasing global demand and is drawing market interest.
Garnet’s importance spans several industries—abrasive blasting, waterjet cutting, sandpaper, and more. The global garnet market, valued at approximately US$450 million in 2023, is forecast to nearly double by 2033, growing at a CAGR of 7.08%. Heavy Minerals is positioning its assets—Port Gregory and Red Hill in Western Australia, and Inhambane in Mozambique—at the core of this expansion.
The Port Gregory project, covering 226km², boasts a JORC-compliant resource of 166 million tonnes at 4% heavy mineral concentrate, including 5.9 million tonnes of garnet. Strategically located beside major industry players, the project benefits from favorable geology and established infrastructure. The Red Hill Prospect, located just 37km south, holds an exploration target of up to 150 million tonnes with up to 5.4% heavy mineral concentrate, with historical drill results further reinforcing its potential.
As of early 2024, the company initiated a Prefeasibility Study (PFS) at Port Gregory, aiming to progress to a Bankable Feasibility Study and ultimately commence production by 2027. While final results of the PFS are still awaited, the market has shown early signs of optimism. In May 2025, Heavy Minerals' share price surged 37.5% over two trading sessions—a movement attributed to increased investor awareness following updates on its project portfolio.
The company is also raising funds via an At-The-Market Subscription Agreement to support its 2027 development goals. Meanwhile, its Mozambique-based Inhambane project adds a diversified edge, featuring a JORC-compliant inferred resource of 90 million tonnes at 3% heavy mineral concentrate, alongside ilmenite, rutile, and zircon potential.
Investors tracking ASX dividend stocks may find interest in companies like Heavy Minerals for long-term mineral exposure as the resource demand outlook strengthens. It’s also worth noting that the company, while not currently a constituent, operates within a sector increasingly drawing comparisons and investor attention among players in the S&P/ASX200 index.
With growing industrial applications for garnet and a clear development roadmap, Heavy Minerals is shaping up to be a noteworthy player in the ASX200 resources narrative.
