PERTH (miningweekly.com) – Metals developer Venturex Resources is hoping to raise A$3-million through a share purchase plan (SPP), priced at 18c a share.
Under the SPP, shareholders will be entitled to subscribe for up to A$15 000 worth of new shares, with the new shares to be ranked equally with existing Venturex shares.
The ASX-listed junior said on Tuesday that the funds raised will be used to finance early works and secure long-lead items for the Sulphur Springs copper/zinc project, in the Pilbara, and to finalise project financing.
An October definitive feasibility study estimated that the enlarged Sulphur Springs project would require a capital investment of A$169-million to develop a 1.25-million-tonne-a-year operation, producing 65 000 t/y of 25% copper concentrate, and 75 000 t/y of 50% zinc concentrate.
Over the 10.3-year mine life, the project would deliver 146 000 t of copper and 348 000 t of zinc.