Avanco raises funds to advance Antas
PERTH (miningweekly.com) – Copper developer Avanco Resources has raised A$23-million through a placement to strategic investors.
The ASX-listed company said on Friday that it had issued more than 306.6-million shares at a price of 7.5c each to raise the proceeds. The placement price was a 10.3% premium to the company’s last closing price.
MD Tony Polglase said that the proceeds placed the company in a robust position to advance towards production at its Antas copper mine, in Brazil.
The company was currently fast-tracking the Stage 1 development of Antas, which would see the smaller Antas North project deliver about 12 000 t/y of copper and 7 000 oz/y of gold.
Initial production from Stage 1 has been targeted for early 2015.
The Stage 2 Pedra Branca project was currently estimated to host 46.8-million tonnes of ore for about 560 000 t of copper, 500 000 oz of gold and more than one-million ounces of silver. Stage 2 development could see the production move to between 40 000 t/y and 50 000 t/y of copper metal.
The project was being advanced to a decision to mine by mid-2015.
Polglase said that the Avanco board was comfortable that the company was well positioned to not only take the Stage 1 operation to commissioning, but also to reach a decision to mine on Stage 2, while exploring for a possible Stage 3 regional development.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















