The number of pure copper mining stocks on the stock exchange looks set to grow after micro-cap explorer AIC Mines struck a deal to take Queensland’s Eloise copper mine out of private hands.

The $27 million cash and scrip deal will ensure the current owner of the mine – a private company controlled by Barminco founder Peter Bartlett – becomes a strategic shareholder in AIC Mines, with close to 30 per cent of the shares on issue.