SA copper prospects on the boil with Rex’s Hillside funding talks and Hillgrove’s Kanmantoo expansion plans
SA explorer Rex Minerals is continuing talks with overseas interested parties to fund its proposed $480 million copper mine on the Yorke Peninsula, project director Greg Hall said at a mining conference in Adelaide on Tuesday.
SA explorer Rex Minerals is continuing talks with overseas interested parties to fund its proposed $480 million copper mine on the Yorke Peninsula, project director Greg Hall said at a mining conference in Adelaide on Tuesday.
Financing options being evaluated for Hillside include direct funding and/or offtake agreements from a number of interests, including Chinese.
“The earliest we could see a likely production start at Hillside would be by late in 2021 if final approvals, financing and Board approval were achieved during 2019,” Mr Hall said at the Paydirt 2018 SA Resources and Energy Investment Conference.
A feasibility study by a Chinese firm is due for completion in months with Rex also updating an internal feasibility study. The mining lease is approved and the program for environment protection and rehabilitation was submitted in February.
Rex recently raised $5 million to progress the long delayed project and for its working capital needs.
The open-pit mining project, 12kms south of Ardrossan, has faced community opposition in a high-value agricultural area.
Separately, Adelaide Hills copper-gold miner Hillgrove Resources detailed its program to develop a wider potential mining footprint around its Kanmantoo operations.
Hillgrove Resources’ principal geologist Peter Rolley said the mine is located within a significant copper-gold province and offers substantial growth activity.
“Our first underground mining operation is permitted and design work is in progress to facilitate the transition from open-cut to underground,” Mr Rolley said.
“But we are also assessing near mine projects for underground mining extensions or those which offer large magmatic copper-gold sources,” he said.