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.