NEWS
THE LATEST MINING AND SAFETY NEWS AUSTRALIAN MINING PRESENTS THE LATEST NEWS FROM THE BOARDROOM TO THE MINE AND EVERYWHERE IN BETWEEN. VISIT WWW.AUSTRALIANMINING.COM.AU TO KEEP UP TO DATE WITH WHAT IS HAPPENING. PEAK MINE LIFE EXTENDED TO 2035 Aurelia Metals has received regulatory approval to extend the life of its Peak gold and base metals operations up until 2035. The New South Wales Government has issued development consent for the New Cobar Complex, a State Significant Development (SSD) that amalgamates the existing approved underground mining of the Chesney and Jubilee deposits, and development of new underground workings at the Great Cobar and Gladstone deposits. The approval allows the establishment of a new underground mine at the Great Cobar copper–gold deposit, increasing the company’s exposure to a critical, future-facing commodity experiencing significant demand and record prices.
The Great Cobar Pre-Feasibility Study (PFS) released in January supported the development of a new satellite mine based on initial mining at Great Cobar with a maiden 840,000-tonne Ore Reserve to offset mining depletion at Peak. The PFS also showed mining Great Cobar could deliver 2.3 million tonnes to the Peak mine’s process plant over a nominal five-year production period to produce highquality copper–gold concentrate and gold–silver doré. The investment of $65 million in the underground mine delivers economic benefits to the Central West NSW region, including sustaining 400-plus jobs at the Peak operations and an additional 140 jobs during the construction phase.
Aurelia anticipates it will commence development of the Great Cobar exploration drive in mid-2022. Aurelia chief executive officer and managing director Dan Clifford said the company had reached a critical milestone in its strategy to optimise its assets through extending mine lives, as well as positioning itself as “copper-ready” – a commodity that will be the foundation in a global shift towards a decarbonised society. “Our team has done a great job in bringing the project online at a time where copper prices are collecting more than US$9000 per tonne,” Clifford said. “We are also excited by the fact Aurelia is one of the only producers in the region to bring a new copper deposit into production in just two
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years’ time, a catalyst that will deliver significant value for our shareholders and stakeholders, in particular the communities where we operate.”
KGL CAPITAL RAISE BRINGS IN $23 MILLION Australian copper explorer and developer KGL Resources has raised $23.04 million from its onefor-six non-renounceable entitlement offer of fully paid ordinary shares in the company. KGL is focused on the delineation and development of the high-grade resource at the Jervois Copper Project in the Northern Territory and establishment of a world-class, lowcost copper mine. KGL managing director Simon Finnis said the project feasibility study was on target for completion in mid-2022. “The study was extended to allow for potential business-case advantages to be investigated and incorporated, including the benefits of the Glencore offtake agreement and the updated Jervois mineral resource,” he said. The funds raised under the entitlement offer will allow the completion of the feasibility study and the continuation of the front end engineering design (FEED). Based on the outcomes of the study, the funds will also go towards
KGL IS FOCUSED ON THE DELINEATION AND DEVELOPMENT OF THE RESOURCE AT THE JERVOIS COPPER PROJECT IN THE NT.
placing orders for long lead time items and commencement of early works. KGL received valid applications AUSTRALIANMINING
under the offer for 62.27 million new shares, representing about 95.2 per cent of the new shares offered to shareholders. The applications
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included participation by KGL’s major shareholders, KMP Investments and Denis Wood (on behalf of his controlled entities).
