https://www.engineeringnews.co.za
Copper|Crushing|flotation|Gold|PROJECT|Underground|Operations
Copper|Crushing|flotation|Gold|PROJECT|Underground|Operations
copper|crushing|flotation|gold|project|underground|operations

AIC raises cash for Eloise buy

26th October 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed AIC Mines has completed a A$40-million capital raise to fund the acquisition of the Eloise copper mine, in Queensland.

AIC on Tuesday announced that it had issued 160-million shares at a price of 25c each, and had welcomed a number of new institutional investors to its share register.

AIC in August this year announced plans to acquire the Eloise copper mine from FMR Investments for A$27-million. The acquisition price would consist of a A$5-million cash payment and a A$20-million in-share payment, with a contingent payment of A$2-million in cash payable six months after the completion of certain production milestones.

Following the acquisition, FMR will hold a near 30% interest in AIC.

The acquisition of the Eloise project is subject to AIC raising up to A$35-million.

The Eloise project was commissioned in 1996 and has since mined about 12.5-million tonnes of ore, to produce 339 000 t of copper and 167 000 oz of gold in concentrate. Current operations consist of an underground mine producing about 700 000 t/y of ore.

The project also includes a conventional crushing, grinding and sulphide flotation circuit with a 750 000 t/y capacity.

Edited by Creamer Media Reporter

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.084 0.138s - 160pq - 2rq
Subscribe Now