AIC Mines Limited
AIC Mines Limited
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The strategy that drove the recent merger of Australian explorers AIC Mines and Demetallica has been borne out by a more robust mineral resource for the Jericho project near Cloncurry in Qld.
The share-swap deal was framed around combining Demetallica’s Jericho project with AIC’s nearby Eloise mine and processing facility.
Lower ore tonnes mined at its Eloise copper mine in N Qld trimmed Australian producer AIC Mines’ Dec qtr (Q2FY23) copper in concentrate production to 2,565t, down from 2,629t the previous qtr. AISC was $A5.54/lb (Q1: $5.35/lb).
Payable copper production was 2,473t (2,530t) plus gold 1,263oz (1,305oz) and silver 23,317oz (22,349oz).
Sales improved to 2,529t copper (2,334t) at $12,970/t ($11,389/t), 1,255oz gold (1,203oz) at $2,766/oz ($2,692/oz) and 22,870oz silver (18,632oz) at $34/oz ($33/oz).
AIC Mines and Demetallica aim to build a significant new Australian copper and gold mining company with agreement on a share-swap off-market takeover offer.
Demetallica directors are unanimously backing AIC’s 1-for-1.3 shares offer, worth about $0.391 per Demetallica share. AIC says its offer is final and will not be increased.
The companies say it’s a logical combination of AIC’s Eloise mine and processing facility with Demetallica’s Jericho copper deposit, situated 4km apart 60km SE of Cloncurry.
Australian underground hard rock mining specialist PYBAR has been awarded a 2+2-year extension of its mining services contract by AIC Mines at the Eloise copper mine in N Qld.
The Metarock Group company’s scope of works includes development of declines, level accesses, ore drives, stockpiles and infrastructure, providing all facilities, services, labour, supervision, administration, mining equipment, constructional plant and materials.
Growth-focused Australian resources company AIC Mines is on-target with March qtr production of 10,493dmt of concentrate containing 2,825t copper at AISC of $A4.42/lb at its Eloise high-grade underground mine.
AIC generated net revenue of $A44.8M, operating cashflow of $24.4M and net mine cashflow of $14M from sales of 3,068t Cu, 1,615oz Au and 33,113oz Ag.
Re-evaluation of the historical drilling database and the extension of survey data into new areas has enabled Australian explorer AIC Mines to upgrade resources at its Eloise mine in N Qld by over 50% to 4.4Mt @ 2.3% for 103,500t copper and 0.7g/t for 93,300oz gold.
A survey program to accurately map the mine’s underground workings allowed AIC to establish an accurage void model and upgrade the mineral inventory.
ASX-listed AIC Mines has launched a $A35M capital raising to fund its $27M acquisition of the producing Eloise Copper Mine, 60km SE of Cloncurry in N Queensland, Australia, from FMR Investments P/L.
Eloise is a high-grade underground mine that began production in 1996 and has since produced about 339,000t of copper and 167,000oz of gold, with current output at 11,500tpa copper and 7,000oz pa gold in concentrate.
Intrepid Mines has moved to consolidate exploration rights in the under-explored Plutonic and Marymia greenstone belt, considered one of Western Australia’s largest gold camps, through an agreed off-market takeover bid for fellow explorer AIC Resources. The 1-for-3 shares offer constitutes a reverse takeover under ASX rules.
If successful, it will establish a well-funded and experienced company holding 3,200sqkm of contiguous land position in the Little Sandy Desert region about 700km east of Carnarvon.