Copper Mountain Mining has earmarked almost $5 million to advance the Eva copper project in North West Queensland after a share offering.
The company – which owns the Copper Mountain Mine in British Columbia – has entered an agreement in which Industrial Alliance Securities will buy $C15 million (around $AU15.7 million) worth of shares.
Copper Mountain Mining said it planned to allocate about a third of the proceeds to advancing Eva and another third to exploration, the bulk of which will be spent in Australia.
The remainder will go towards general and administrative expenses and
Copper Mountain Mining owns a 244,300 ha prospective land package in North West Queensland, including the advanced Eva copper and gold project, 95km north-east of Mount Isa.
It obtained the assets in early 2018 through the acquisition of Altona.
In May 2020, it filed an updated feasibility study on the Eva project, which estimated average annual production of 100 million pounds of copper over a 15-year mine life.
There are seven pits that make up the Eva project’s mine plan. Little Eva is the primary pit and would be supplemented by progressively mining six satellite pit areas at Blackard, Scanlan, Turkey Creek, Bedford, Lady Clayre, and Ivy Ann.
Total initial development capital for the Eva copper project is estimated to be about $587.5 million ($US382 million).
In outlining how it planned to use the proceeds of the Industrial Alliance Securities deal, Copper Mountain Mining listed expenses for Eva including amendment to the Environmental Authority permit and advancement of project financing.
Geotechnical investigations, dewatering plans, hydrogeology work and drill targets below and within current pit designs to convert inferred resources to indicated resources are also among the items covered to advance the project.