https://www.engineeringnews.co.za

Avanco raises funds to advance Antas

Avanco raises funds to advance Antas

Photo by Bloomberg

16th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

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







301

sq:0.052 0.111s - 140pq - 2rq
Subscribe Now